Weekly Forex Technical Analysis by Ali Muhammad-
October 12th – 16th, 2020
USDJPY: Looking to sell on breakout of decision zone
Trend: Bearish Trend
Trade Idea: Overall Trend is bearish as three lower lows. Price is at the major decision zone. From here it will decide either to go up or down. But as trend is already bearish so a bearish breakout from this zone will make it clear that it will continue its down trend. After breakout in sell direction we will look for short price action setups in the direction of trend.
GBPUSD: Looking to Buy from demand zone below support zone
Trend: Bullish Trend
Trade Idea: Overall Trend is Bullish. Price has broken down major resistance zone in the direction of main trend. We will look for buy setup on retest of support zone on lower timeframe until next resistance 1.3172. price has potential to go more up but we will look for price action at 1.3172 to decide either to hold the trade or close.
XAUUSD: Looking to Buy from demand zone below support zone
Long Term Trend: Bullish
Trade Idea: Overall Trend is Bullish. From 6th August Gold has been retracing downward. Now A major Trendline breakout as well as resistance zone has been broken down in the direction of main trend. Resistance has become support. There are some unfilled orders( Demand zone ) below the support zone. We will look for buy entry from demand zone on lower times frames only.
Suffer The Pain Of Discpline or Suffer The Pain Of Regret
Note: All the viewpoints here are according to the rules of technical analysis. we are not responsible for any type of loss in forex trading.