Weekly Forex Price Action Market Commentary | May 4-9

gold weekly market commentary

GBPUSD – Buy Signal at 1.6820 In Profit
In our daily commentary from May 1st, we suggested getting long at 1.6820 as we felt trading with the trend was the best until we get a daily close below 1.6600. After the USD gained heavy post NFP shocker, the cable went right down to our entry level to the pip, stopped on a dime, and climbed +60 pips higher, so congrats to those members who profited from this.

For now, as long as the price holds above our entry at 1.6820, we’ll remain bullish in the short term. 1.6920 is the upside hurdle, but past this the ‘big figure’ at 1.7000 is up next.

AUDUSD – Long Tailed Pin Bar +

... Keep reading