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Good Day Trainee Traders,
The US dollar has been surging as people are liquidating their assets and pouring into the dollar as a safe haven. Price is now at the resistant level...will price break the level and continue rallying or we will expect some pull back or reversal?
Trade Recap
EURUSD
I was expecting the US dollar to rally through out the week and assumed the price will follow the price action based on the arrow and the curve. Analysis was spot on as price get reversed at the 1.11909 resistant zone and 10 EMA on 4 hour time frame.
Reason:
Resistant line @ 1.1191
Head and shoulders pattern broken
10 EMA reversal @ 4hour
USD/JPY
Same as the previous, was expecting price to continue rallying at the point. However the 2 weeks ago. price ended at the resistant level and last week, assumed that price will reverse back to the trendline to retest the level before surging again.
Reason
Trendline reversal - resistance turned support
All these analysis were posted on my signal group!!
Trade Setup
GBP/JPY
Price seem to start a reversal despite the recent crash with the pound.
Waiting for price to break the resistant level @ 131.075 which will form a break of inverse head and shoulders pattern.
Current reason
Trendline resistance turned support
50EMA reversal @ hourly
That is all for this week. Trade safe!
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