Friday's price action has proved to be relatively quiet in the FX market, there are still some very interesting support and resistance levels that we would take note this next week trading.
The graphs below show the important horizontal levels that can influence the price action on EURUSD, GBPUSD, Daily and GBPJPY trading this next week.
EURUSD: in intermediate trend, but currently looks congested, resistance to zone 1.4000 seems to be holding if wheel less earlier this week, probably that will fall in support to 1.3700.
GBPUSD:This chart was weak late, currently support 1.5650, we could see a rotation up to resistance in zone 1.5920-50 to allow a sales opportunity.If this error 1.5650 we could go lower in earlier this week.
Daily:Pair of trend, but currently showing internal bar, looks more congested, resistance comes near 1.0000, support sits near 0. long-term 9660. Prejudices postive neutral.
GBPJPY:If 127.50 holds earlier this week, we could see a boost, but there is strong resistance to 129.10 which should contain the price and can provide a point of sale to merge the downward trend.
Check out this video on a drawing by support and resistance levels for more information.
For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.
Comment:
Movement yesterday in the Forex market was relatively quiet, the dollar was mixed against other Major, closing modestly higher against the British pound, Swiss franc, Canadian dollar, losing ground modest to the euro, Australian dollar, New Zealand dollar and Japanese yen.
The Dow has end lower, however, closing around 14.01 points, or 0.13%, S & P 500 added 2.82, or 0.24% and the Nasdaq added 19.72 points or 0.80%.
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