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Weekly Forex Price Action Outlook | Jan 27th – Feb. 1st
Last week in my market commentary I talked about how a) there were good price action range plays off the lows of the channel, and b) how the pair would break the range this week. Both came true as the bottom of the range held as a role reversal level, and the pair broke to the upside.
1.3400 becomes support on intraday pullbacks. If this holds, expect a challenge of 1.3500. A failure back into the range suggests the medium term trend is in danger, and a likely pullback to 1.3250.
Last Thursday I wrote to look for likely price action reversal signals on the GBPJPY around 144.00 area for likely topping of the current swing and an intraday sell signal. The pair did just that, going up to 144.23, then selling off 90 pips from the SH (swing high level). Intraday support comes in at 142.50 and 142. A break down of these suggests a deeper pullback towards 140.50. Upside resistance is still 144.23 and 144.50.
After the breakout pullback setup on Jan. 18th at the key resistance of 1475, the S&P 500 has been consistently bought up on pullbacks to the dynamic support and 20ema now 4x. The selling is getting a little more aggressive, but until this line breaks, the index will likely be supported. Even though I’m seeing some presence of a possible weakening from the current bulls, look for intraday pullbacks towards the 20ema until you see a close below it.
Getting hammered to end last week, the PM has taken out about 7 days of gains in a matter of 3. Although I am looking for a buy signal soon, I have not seen the price action signs yet that the selling is done. I’ll look for possible buy signals between $1645 and $1635, but if this fails, then I would not consider another buy till $1625 which is the daily pin bar low from Jan. 4th this year. Until then, I’ll look for intraday price action signals to get short.
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