Here's How to Trade This Week's Currency Market Price-Action Forecast
AUD/USD Daily Time Frame
GBP/JPY - Sterling/yen long-term uptrend intact
The pound vs. the yen longer-term bullish trend is clearly still intact. The market has failed on all recent attempts to move lower and break below support; these attempts have been met with strong buying interest at key support levels. We can look to buy on a strong price action buy signal following a retrace lower this week.Trade idea: Look to buy on a daily chart buy signal following a retrace lower, refer to commentary this week for updates.
GBP/JPY Daily Time Frame Gold - Gold finds some support, could see retrace higher before downtrend resumes
Whilst gold is still clearly a bear market overall, the recent leg lower following the breakdown from consolidation up near $1277-$1305 has stalled and the market seems to have found some support last week near $1240. It would not be surprising to see this market rotate higher, back up to resistance near $1277 before the downtrend picks back up and the market falls again. Trade idea 1: Look to be a seller if prices to move up into resistance around $1,277-$1,285 and consider a blind retrace entry (don't wait for signal) Trade idea 2: Short-term counter-trend trade -- early this week, be a buyer around $1,240 to $1,250 area on an intra-day pull back, look for a quick pop up to $1,265-$1,277 region.
Gold Daily Time Frame Gold 4 hour Chart Time Frame: Copyright 2014 - LearnToTradeTheMarket.com Read more about Nial Fuller, or find him on Google +. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. >>Read more: There's No Justification for Crude Oil Prices in the Stratosphere
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