Weekly Forex Price Action Outlook | Mar 3 – 8
Forming a bearish engulfing bar to start the week, the pair never recovered, and sold off 3 of the 5 days to end the week down about 200 pips. The key role reversal level at 1.3150 held, so bulls will need to take this out to gain any traction. Bears meanwhile are gunning for 1.2965 which is the weekly low.
Considering the market every week for the last four weeks has had a minor pullback, I’ll look towards selling on a rally instead of taking a short on the break, so will watch the 1.3150 area for any price action signals.
Although pair gained 3 of the 5 days for last week, it still ended bearish, mostly from the heavy selling on Monday. The pair has since formed a corrective pullback, and is approaching a critical role reversal level at 122.48 which is also where the 20ema and dynamic resistance is. I’ll watch this on the intraday price action charts for potential sell signals, but should this upside level hold, then a re-attach on the 119 level should be on the cards. A break above this level targets 125.
Definitely not as strong as the EURJPY, the GBPJPY is potentially forming a classic head and shoulders pattern. If the channel on the chart below holds, then upside should be capped at around 142.15 which is the daily 20ema and also the upside of the falling channel line. I’m sticking with the sell on rallies part, so will watch this level heavily for intraday price action signals. The next major support level weighs in at 137.90.
After starting the week off strong, the precious metal ended down, but found intraday support at $28 forming a bullish pin bar in the process. This is similar to the one back in early Jan this year, so some potential upside may be coming this week. $29.50 is key resistance while $28 is the weekly support, a break above will target $30.75 while a break below targets $27.
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