Weekly FX Price Action Chart Outlook | May 5-10

The chopfest continues for the Euro, which sold off almost 200 pips from the pin bar signal we discussed last week. The pair is inside now a larger range, with a ceiling of 1.3240 and a floor of 1.2950. With the recent sell-off finding buyers ahead of support on the 20ema, we may see another push higher first, but being the nature of the range has been quite choppy, I’m not willing to trade it till the range top or bottom.

euro price action choppy range 2ndskiesforex.com

Despite having a few setbacks, this pair continues to build up buyers consistently around the dynamic support and daily 20ema which has held the pair up since the middle of April. The strong buying on Friday erased several days of losses, so the pair should likely challenge the yearly high at 131.22. Bears can look for intra-day price action signals here, while bulls can look for pullbacks into the 20ema and 128.50 region to get long, but this type of price action building with the consistent HL’s (higher lows) while having a consistent high suggests upside continuation.

20ema dynamic support intra-day price action trend continuation 2ndskiesforex.com

Similar to the EURJPY, the GBPJPY has shown even greater support amongst buyers by taking out the yearly high at 153.89 to end last week. This pair has levitated above the 20ema, communicating how the buyers were continually stepping in on dips and expecting higher prices.  Upside targets are now 155.84 and then not much is around till 160 and 162.60, so a lot of air up there, thus we remain buyers on dips into 153.80 down to 151.30.

gbpjpy price action trading chris capre may 5 2ndskiesforex.com

On Tuesday in my fx market commentary, I talked about the significance of the $1480/84 level and that bears can look for shorts there. The PM sold off over $40 from the level so hopefully you profited from this. The precious metals ability to hold at this level is impressive to say the least.  The range highlighted in the chart below still takes precedence, so play this like a range till it breaks either side of the fence. A break above $1484 targets $1500 and $1520, while below $1440 brings up $1432 and $1425.

gold range fx market commentary price action 2ndskiesforex.com

Visit our Free Beginners Course, & my article on Pin Bar Entries & The 50% Retracement Myth.

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article