Welcome back traders to this week’s edition of the review, this edition of the review this week for the 1st to the 5th of February 2016 Forex Market. 11 pairs and markets covered this week in the review analyzing potential zones, management points and potential targets. Also in the review, I take a look at last week’s market price action moves on a number of different markets.
Pairs and Markets Analysed this Week: EURUSD, AUDUSD ( 4 Hour ), NZDUSD ( 4 Hour ), USDCAD, USDCHF, Silver, AUDCAD, GBPAUD, AUDNZD, EURCAD and GBPNZD.
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 0.6940 zone to now testing the 0.71 management point zone ), AUDNZD completing a move to a long term major management point zone or target ( from the 1.0570 zone to the 1.09 zone ), Gold breaking higher as expected and USDCHF hitting and testing its long term target and management point at the 1.0225 zone from the previously highlighted 0.98 zone.
As for this week ahead in the market, I am expecting another great week ahead with plenty of potential opportunities. Main opportunity zones highlighted this week in the review are Trend Continuation type zones.
Above Video – Weekly Forex Outlook and Review for the 1st to the 5th of February 2016.
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Above – EURUSD pulling back to test the 1.0830 zone again this week, an area highlighted in the review to look for bullish evidence and a potential move to the upside on this market. The 1.0830 is an area that has held on this market multiple times and that the bulls have defended on this market since December 2015.
Above – This week on AUDUSD I highlight a potential management point and target to the upside for all those holding buy trades on this market and that is the 0.72 zone. I also highlight that this a a great area on this market next to look for bearish evidence and a potential move to the downside on this market. At the moment this market is testing the 0.71 zone on this market which is a potential management point zone to the upside on this market.
In replay from last week’s market price action: AUDUSD performed really well last week from last week’s highlighted zone, the zone highlighted last week was the 0.6940 pullback zone, an area highlighted on this market to look for bullish evidence and a potential move to the upside from this important area.
Above – Highlighting this week on NZDUSD a potential pullback zone on this market, that zone is the 0.6450 zone, an area on this market to look for bullish evidence and a potential move to the upside.
Above – Highlighting this week on USDCHF the 1.0225 zone where the market is testing now as a great area on this market to look for bearish evidence and a potential move to the downside. Also this is a great management and target for those that have been holding buy trades on this market.
This market has performed really over the last month from the previously highlighted zone on this market. That zone was the 0.98 zone, an area highlighted in December 2015 to look for bullish evidence on this market at this area and a potential move to the upside, potentially a move long term all the way to the 1.0225 zone which the market has just reached in late last week’s price action.
Overall a great performing market reaching it’s long term management point and target from the previously highlighted zone ( from the 0.98 zone to the 1.0225 zone – around 370 pip move on this market ).
Above – Highlighting a potential pullback zone on GBPNZD this week, that zone is the 2.2468 zone, an area if the market pulls back to this zone this week to look for bearish evidence and a potential move to the downside on this market.
Above – Gold progresses higher last week in price action breaking above the 1108 management point zone on this market and now the market is pulling back. Potentially the 1108 is a great pullback zone area on this market where traders can look for bullish evidence on this market next week and a potential move to the upside, potentially a move all the way up to the 1148 zone on this market.
Midweek Forex Reviews
Come back and check this space for potential upcoming Midweek Reviews in the week ahead. They will be added here.
Have a great trading week everyone and Happy Trading.