Weekly Forex Price Action Chart Outlook | June 2 – 7
EURJPY – 7 day Range Still Holding…For Now
For the last 7 days of trading, the EURJPY has been confined to a 250 pip range between the big figure at 130.00 and 132.50. Although the uptrend is still holding, 5 of the last 7 days have been bear closes. For now, we have to play the range short term, thus looking for longs off 130.00 and shorts off 132. But I suspect the range will crack this week, so should the floor go first, 129 and 127.21 are up next.
Bulls meanwhile have more to chop through resistance wise as there is 132.50, and the large pin bar rejection at 133.78 to be cleared. Watch intra-day price action charts for the next leg.
USDJPY – Sitting Just Above Key Level
While the EURJPY and GBPJPY have broken below key levels, the USDJPY has maintained some buoyancy above its key level at 100.00. Daunting for the bulls is the fact the pair has sold off 6 of its last 7 days, along with two closes below the 20ema, so short term control is in the bears hands. But the bulls have one defense coming up at 100.00. If this holds, and forms an obvious price action signal, upside targets would be 101 and 102. But if we see a daily close below this, then 98.84 and 97.00 will come under attack.
Crude Oil – Pin Bar At Support Fails, More Downside?
In last weeks market commentary, I opined the pin bar at the 92.00 support would likely fail. And it did last week, having its first daily close below 92 since the first days of May. The formation of the LH (lower high) and LL (lower low) suggests a likely further breakdown. Up next is 90.00, but should this fail, 89.00 and the yearly lows at 86.00 are up next. Bulls will have to regain 95.00 to re-inspire more bulls into the frey.
Gold – Prints Bearish Engulfing Bar
After climbing over $80 across the last 9 days, the Gold bears sold the precious metal heavily, knocking it down $35 in the last 16hrs of trading, forming a bearish engulfing bar in the process. If you notice, the last two corrective uplegs have had weaker angles to them, suggesting the push backs from the gold bulls are getting weaker.
Bears can look for intra-day pullbacks into $1415, targeting $1387 and $1363, while bulls will need to wait for deeper pullback towards $1340 before considering longs, as the bearish pressure still remains.
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