The week ended with bullish momentums for XAUUSD and GBPAUD. I only traded Gold last week and all of them were on the positive side. Now, let's see the probable movements of these forex pairs to prepare for next week's trading.
Important Notes:
- I update the zones of my tradingview charts every morning.
- I make daily zones (green boxes) and 1h zones (blue boxes).
- I am a scalp to swing trader. I often look at the following timeframes: 15m, 1H, 4H, 1D.
- I only observe/trade two Forex pairs: GBPAUD (British Pound vs Australian Dollar) and XAUUSD (Gold vs US Dollar).
- I journal both my losing and winning trades.
- I don’t claim myself as a guru. I am still working on refining my strategy. Thus, whatever you read here shouldn’t be taken as a piece of financial advice.
Note: A zone is a premium price area in which no one wants to give up the price. Zones usually serve as strong areas of support and resistance. Therefore, the price is expected to move from one zone to another.
XAUUSD (Gold vs. US Dollar)
Gold vs. US Dollar on the daily timeframe
Last Friday, XU ended with a strong bullish movement. It just broke its triangle consolidation and surpassed the minor zone (blue box). As of this moment, it is hitting the major daily zone (green box).
I am expecting for XU to retest the minor zone or the point where it broke out. If the retest will become successful, then we're expecting for a bullish continuation. Otherwise, the price might consolidate in between the two major daily zones once again.
GBPAUD (British Pound vs Australian Dollar)
British Pound vs. Australian Dollar on the daily timeframe
GA just broke out from its previous consolidation, creating a bullish momentum. Right now, it is also hitting a daily zone. If you're trading GA, you must be careful with putting a buy order since this current major zone acts as a strong resistance (which acted as strong support previously).
If the price pulls back and successfully retests on its break out point, then the bullish momentum might continue. Otherwise, we'll be expecting the overall bearish trend to continue. Note that a double top had occurred previously and this indicates a bearish momentum.
PS: The reasons why I am having this online journal can be found here:
Officially Documenting My Trading Journal Online
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