EURUSD
EURUSD continues its consolidation between 1.900 and 1.17950 after a two weeks rally. Currently the pair range bound between 1.900 and 1.17950. The pair had fake break out on Thursday as it closed back into the range on Wednesday. EURUSD ended the week with a bearish engulfing candle on the daily time frame and bearish pin bar on the weekly time frame.
I will prefer to see the pair break out of consolidation and retest either support or resistance before considering an entry.
EURUSD daily time frame
GRPUSD
The cable just like EURUSD consolidated for two weeks now. The last ended in up and down moves between 1.325 and 1.3086. The range held the pair bound as it broke neither the support nor resistance. Although Friday’s candle engulfed Thursday’s candle but it didn’t break below 1.30865.
Hence just like the EURUSD this boils down to wait and see game. We will love to see price break either above 1.32545 or below 1.30865 retest and form a price action signal before considering an action.
Levels above 1.3350 and 1.37316 support on the way down includes 1.2959 and 1.2780.
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GBPUSD daily time frame
XAUEUR
Gold has featured in my forecast lot with good reason. Gold vs EUR (XAUEUR) continue to look bullish after the 11th of August sell off. Gold has consolidated both on XAUEUR and XAUSD markets. Friday’s price action picked my interest. XAUEUR could not break 1624.64 supports after four trials. Friday’s price action carved the bullish engulfing bar. Hence, hinting on more strength for the precious metal.
On way up resistance include 1676.82 and the all time high at 1749.92. Alternatively if we get a close below 1624.64, that will expose 1577.11 followed buy 1537.09.
XAUEUR daily time frame
GBPCHF
The pound lost a lot of ground among all pairs on Friday. GBPCHF price action is a lot more readable than other pairs. GBPCHF has been consolidating after a major selling off of 1500pips, a correction consolidation of GBPCHF is range bound between 1.20340 and 1.18640. There is a minor double top at 1.20340 Friday’s price action formed an engulfing bar.
This leaves the bottom of the range at 1.16640 exposed, an eventual break below 1.6640 will expose 1.11154 or a buy signal from 1.16640 will send the pair back into 1.20340.
GBPCHF daily time frame
Written by:
Chijioke Maduakor
