Welcome to another edition of financial markets analysis basing on support and resistance levels together with other indicators where applicable.
Financial markets this week might be driven by both technical analysis expectations and fundamental analysis of macroeconomic contributions. Therefore, while using these signals you are advised to due your extra researches before placing your positions.
A calculated risk is rewarding to the investor therefore be smart to calculate your risks before being rewarded.
We begin with fundamental analysis which can be accessed by you clicking the ECONOMIC CALENDER where you will get an overview of upcoming Geopolitics events that might contribute to high or low volatility on Forex based CFDs and other financial instruments.
In technical analysis we shall discuss a few Forex Quotes on how we shall trade in this week.
THE EUR/USD
We shall be on the look out for the following in a BULL OR UPTREND MARKET SCENARIOS.
Pivot= 1.19500
R1=1.20300
R2=1.20750
R3=1.21550 which shall cause a reversal to bearish mode.
On the flipside, if a reversal triggered and breaks below Pivot= 1.19500 then we shall a BEARISH OR DOWNTREND MARKET SCANARIOS
It shall move towards
S1=1.19016
S2=1.18160
S3=1.17760 which shall cause a reversal to bullish mode.
THE GBP/USD
The pound has enjoyed bullish trend on Monday for the Europe trading hours after gaining 800 + points. The weekly pivot point will be at 1.38000 but the market has already rallied above it hence it is heading to the following bullish trend levels.
R1=1.39000
R2=1.39570
R3=1.40800 which may trigger a reversal to bearish trend
Again, if a reversal was to happen in the current bullish market at 1.39000 and drop below 1.38000, then we shall expect to see GBP/USD come to low support levels like
S1=1.37100
S2=1.36092
S3=1.35526 which shall trigger a bullish market reversal.
GOLD
Gold has rallied in uptrend since three ago before the writing article, currently it is at $1790 we continue to anticipate more buying pressure that may drive this asset up to the following levels.
Today and the entire week expected bullish trend for gold may be a rally towards
R1 at 1799.80,
then proceed to R2 at 1821.00 where it can consolidate or face minor reversals before proceeding to
R3 at 1857.90.
Again on the flipside if it drops to my pivot point P at 1760, we should accept to drop further to S1 at 1736.98 and proceed to S2 at 1702 and further to R3=1668 before reversing to bullish trend.
If you don't have a trading account then feel free to use the recommended brokers below.
Manage your risk cautiously and do not over risk your equity or funds.
Finally diversify your risks or investments.
Best of Regards.
The Smart Investor.
Smart Investor
