Weekly Forex Review – 17th to the 21st of July

Welcome to this week’s edition of the Weekly Forex Outlook and Review, this edition this week for the 17th to the 21st of July Forex Market. Aspects highlighted in the review include evaluating how price action moved last week on multiple markets, as well as highlighting high probability trading areas in the market to be aware this week, management point areas and target areas.

Pairs and Markets Analysed this Week: EURUSD ( 4 Hour ), GBPUSD, AUDUSD, NZDUSD, USDJPY, GBPJPY, USDCHF, EURAUD, GBPAUD and CHFJPY.

Great performing week last week in the Forex Market with lot’s of markets performing well from the important zones. To name a few of the markets that performed well: AUDUSD giving a strong move higher from last week’s highlighted zone ( from the 0.76 zone area to beyond the 0.77 zone area ), NZDUSD giving a strong move higher from last week’s highlighted zone ( from the 0.7230 zone area to testing just below the 0.7375 zone area ), GBPAUD continued in its decline from the 1.7120 zone area ( highlighted bearish evidence area in the last review on this market ) to test the 1.6676 zone area ( highlighted long term target area on this market ), GBPJPY giving a short term bearish move from the 147.50 zone area ( and now retesting this area ) and gold moving higher from the 1218.70 zone area.

Highlighting both high probability trend continuation zones and counter trend zones this week in the review.

 
Above Video – Weekly Forex Outlook and Review for the 17th to the 21st of July Forex Market

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audusd trading areas

Above – Highlighting on AUDUSD a potential pullback area which is the 0.77 zone area as a great area on this market to look for bullish evidence and a potential move to the upside from this area.

Last week AUDUSD performed well giving a strong move higher from 0.76 zone area which was a potential bullish evidence area that I highlighted last week in the review moving all the way up to 0.77 zone area ( management point / target area ) and beyond this area to the 0.7825 zone area.

nzdusd trading areas

Above – Highlighting on NZDUSD this week two zones:

  1. The 0.7230 zone area as a great area on this market to look for bullish evidence and a potential move to the upside from this area.
  2. The 0.7375 zone area as a great area on this market to look for bearish evidence and a potential move to the downside from this area.

Last week this market performed well, testing the 0.7230 zone area ( a potential bullish evidence area I highlighted last week in the review ) and giving a strong move higher from this area.

nzdusd 4 hour trading areas

Above – NZDUSD 4 Hour Chart – click chart screenshot above for larger view

chfjpy trading areas

Above – Highlighting on CHFJPY a potential pullback area on this market which is the 115 zone area as a great area on this market if the market tests this area this week to look for bullish evidence and a potential move to the upside from this area.

Midweek Forex Reviews

Come back and check below for potential upcoming Midweek Reviews ( video or comment updates ) in the week ahead.
They will be added below. Have great trading week everyone and Happy Trading.

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.

Comments

  1. Thanks Timon,
    It’s always a blessing to receive your weekly updates.
    Could you analyze Gold and Silver?

    • You’re welcome Shahin, thanks for the feedback and for keeping up with the updates.

      Yeah sure, gold recently tested the 1218.70 bullish evidence area. This is a market I am currently long on as well holding a buy position from that recent test of this area. What I am looking at is a potential move up to those previous lows ( management point ) or potentially up to the 1250 zone area ( bearish evidence area ).

      Above – Gold Daily Chart – click chart for larger view

      As for silver, that market at the moment is currently testing near the 15.87 bullish zone area. Below showing this bullish pullback area on the 4 hour chart ( zoomed in on this area ).

      Above – Silver 4 Hour Chart – click chart for larger view

  2. Thanks Tim, great review this week and no BS : )

  3. Hi Timon
    How significant does the evidence has to be for a reversal of trade action when in a resistance or support zone.
    Often the evidence is not a engulfing candle. But is a number of candles over several days that exceeds the previous bullish or bearish candle. Do you enter once the accumulated candles exceed the previous candle in the opposite direction.
    Thanks
    David

    • Hey David,
      Yeah good question, I assume you are referring to what you see on the daily chart.
      While I highlight important areas on the daily chart I often trade evidence when the market tests these areas on 4 hour or 1 hour.
      As an example: With the recent bullish move from the 0.7230 zone ( last week ) on NZDUSD I traded evidence in that area on the 4 hour and not the daily.
      Also, there are other forms of candlestick evidence traders can consider other than engulfing such as pinbar, railroad patterns, etc.
      Regards,

  4. Hi Timon, thanks for the review. It is appreciated. Have a great trading week.

  5. Hi Timon,
    Would appreciate if you could include GOLD (XAUUSD) as part of your weekly review.
    Thanks.

  6. Thanks for the advice Timon.

  7. Love the videos and I’m always looking forward to the next. Hey, any future plans to do some live trading videos? I have the candlestick course and you have a version of some live trades but more would be much appreciated!!

  8. Last week was a good week, Thanks for the guidance.
    I’m continuing to learn.
    Thanks again

  9. Forex Update: USDCAD has been in a strong downtrend for quite a while now, below is a screenshot highlighting a potential pullback area on this market, which is the 1.2765 zone area, as an area that if the market pulls back to this area this week, a great area to look for bearish evidence and a potential move to the downside from this area.

    USDCAD pullback area in downtrend

    Above – USDCAD zoomed out on daily showing the 1.2765 bearish evidence pullback area on this market – click chart for larger view of this market

    USDCAD 4 Hour

    Above – USDCAD 4 Hour Chart – click chart for larger view

  10. sivarajan ramasamy says:

    thank you timon. your analysis is very useful. its like GPS for me, Happy trading.

  11. Thanks again, Timon for a great review and have a great trading week.

  12. Thanks Timon for another great weekly review!!! all the best we like to see midweek too……………..

  13. Thanks Timon the reviews are most helpful mate,cheers.

  14. Forex Update: EURUSD performed well this week hitting the 1.1550 zone area which was a potential long term target area that I highlighted in multiple recent reviews ( such as this week’s review ) on this market from the 1.1340 zone area ( previously highlighted potential bullish evidence area on this market here ).

    Above – EURUSD 4 hour – click chart for larger view of this market

    • Phil Rowell says:

      Hi Tim…
      Thanks for the EURUSD update.
      On the chart you posted is that enough bearish evidence – in the 1.1550 zone – with the pinbar and larger closing candle to open a sell trade?
      Or would you be waiting for a more significant candle – or even a pullback with a more definite signal?
      Cheers
      Phil

      • Phil Rowell says:

        Hi Timon…

        Glad you are feeling better and back up to full steam =]

        I know you probably don’t get much spare time but i wondered if you had any thoughts on my previous question about bearish evidence? I’d be really interested to read what you think.

        I ended up making a trade on this pair and made a small profit – my target was hit before the market turned the other way.

        Thanks
        Phil

        • Hey Phil,
          Thanks mate. I appreciate the comment.
          Yeah sure, that was a valid example on 4 hour chart. Good to hear you profited from that move, the market did give a short term decline, however only pulling back to the previous management point high area.
          If it was below the 4 hour however such as 1 hour time frame then I would suggest waiting for a retest and aligning evidence ( retest of initial test high in zone and aligning evidence ).
          Regards,

          • Phil Rowell says:

            Nice one T – thanks for getting back to me – i know you get a lot of questions!

            I understand what you are saying there about the difference in time frames – fortunately the 4 hour worked out well for me!

            Have a good weekend mate
            P

  15. Hi Timon, Was looking forward to your technical analysis for week 24th to 28th July 2017.
    Regards Rajeev

    • Hey Rajeev,
      Thanks for the comment.
      Unfortunately, I got the flu late last week so was unable to do the review over the weekend.
      I will most likely do a midweek video review during the week.
      Regards,

  16. we all hope you feeling good!!!

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