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FX Price Action Setups (GBP, USD, JPY) 5.11.2017

FX Price Action Setups (GBP, USD, JPY) 5.11.2017

James Stanley, Senior Strategist

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Talking Points

- In this webinar, we used price action to look for trading setups for the next couple of weeks given the past couple of weeks of news and drivers.

- The first market we looked at was GBP/USD after this morning’s Super Thursday batch of announcements from the Bank of England. We looked at a top-side continuation play using prior levels of support after a dovish BoE elicited a mere higher-low support-check in GBP/USD. For more information behind the techs on this setup, please refer to our article published earlier today entitled, Cable Testing Support post-BoE.

- We then moved over to GBP/JPY, which still looks to be considerably overbought. We looked at potential bullish re-entry levels at 145.63, 144.55, and 143.54 with 142.45 being an optional ‘S4’ zone of support.

- We then looked at EUR/USD, which is currently finding support around the 1.0850 level that’s held the lows for the better part of the past week. Just below is perhaps a bigger, more pertinent level at 1.0820, and this is where I want to watch for support-based entries.

- We then moved over to EUR/AUD, which was my ‘trade of the year’ published in our trading guides. I walked through an updated setup in this webinar, but for a more thorough walk-through behind the logic of that setup, please check out our trading guides at this link.

- We then moved over to USD/CHF. I had set up an analyst pick on USD/CHF just a couple of weeks ago, and this week we finally saw the top-side move begin to play out. I looked at using 1.0041 and parity as bullish re-entry levels. For a more thorough walk-through, please check out our technical article on Swissy published yesterday entitled, USD/CHF Technical Analysis: The Bulls Have It.

- We then moved over to USD/JPY. I like the top-side of the pair, but I want to see a deeper retracement before adding long exposure. The area around 113.00 seems like a sweet spot to look for such support; but I’d be open to taking 113.61 as well if buyer response is robust-enough.

- We then looked at EUR/JPY. The level to watch here is around 121.95. We’d published an updated technical article on this pair yesterday entitled, Bullish, but Toppy.

- We closed by looking at Gold prices. Gold has been on a pronounced down-trends for the better part of the past month. That downtrend is looking to be oversold at this point, and while $1,225 resistance has capped gains thus far, a deeper retracement into the zone between $1,227 and $1,235 could be more operable for longer-term, short-side swings. For more information on this setup, please check out our Gold article published earlier today entitled, Gold Prices Are Testing Near-Term Resistance.

--- Written by James Stanley, Strategist for DailyFX.com

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