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Wrap up: EURUSD, EURAUD, EURJPY, USDCAD, GOLD, GBPJPY, USDX and the DAX

By Glenn HowellForexAug 10, 2018 10:26
za.investing.com/analysis/wrap-up-eurusd-euraud-eurjpy-usdcad-gold-gbpjpy-usdx-and-the-dax-200197405
Wrap up: EURUSD, EURAUD, EURJPY, USDCAD, GOLD, GBPJPY, USDX and the DAX
By Glenn Howell   |  Aug 10, 2018 10:26
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Let’s take a quick look back at the markets I highlighted this week as we head into the weekend. If you traded any of these markets with me, but you’re interested in timing your entries as I do, have a look at the original article.

We’ll be brief:

EURUSD

EURUSD, daily
EURUSD, daily

My bias was to the downside, to sell rallies down to 1.15. Price hit that target level this morning and kept on going.

EURAUD

EURAUD, daily
EURAUD, daily

Price has indeed made its way to the underside of the box I drew in. Time to sell? I’m reluctant for two reasons: The market will be closing soon, and if this still looks like a sell next week, there will be time to get on. The second reason is that the chart looks messy on the 4-hour.

EURJPY

EURJPY, daily
EURJPY, daily

The EURJPY fell off a cliff. If you sold rallies on the 4-hour chart, there were about 200 pips in it. With price still looking so bearish, no reason not to hold part of your position for a possible move to 125.50. That’s another target hit.

USDCAD

USDCAD, daily
USDCAD, daily

The Loonie bounced. I was in two minds about this, but it looks like USD won out in the end. I want to see price close up in the box I have drawn on the daily timeframe, and then I’ll start looking for longs.

Gold

Gold, daily
Gold, daily

Gold still looks bearish to me. I’m holding a small short and watching the bears battle to challenge the $1200 level. A stab lower still seems likely to me.

GBPJPY

GBPJPY, daily
GBPJPY, daily

Another pair I could only see going lower was GBPJPY. This pair wasn’t on my watchlist, but I was asked to take a look at it. My first target of 142.00 was hit quickly, and price is still falling.

USDX

Dollar Index, daily
Dollar Index, daily

One could argue that price closed above the range yesterday, the first sign of a breakout I was looking for. Since then, price has blasted off, and the breakout seems confirmed. I’m sitting on my hands for now though. If today's candle closes in a very bullish fashion, we’ll have time to trade more USD strength for weeks to come. If price collapses today, we’re back in the box. Let’s give this one time to mature and show its hand, shall we?

DAX

DAX, daily
DAX, daily

This is what I saw on the DAX on Wednesday – I was interested in a sell, but it wasn’t confirmed for me. It still isn’t. Let’s see where price closes today.
Mind the gap though – some of the gaps in these indices charts are big enough to drive a school bus through.
I hope you had a profitable week. Shall we do some more next week?

Wrap up: EURUSD, EURAUD, EURJPY, USDCAD, GOLD, GBPJPY, USDX and the DAX
 

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Wrap up: EURUSD, EURAUD, EURJPY, USDCAD, GOLD, GBPJPY, USDX and the DAX

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Sharlif Mahlangu
Sharlif Mahlangu Aug 14, 2018 0:06
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Nice setup Glenn
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David Naane
David Naane Aug 10, 2018 14:04
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Please guys i need help,I'm still a new, i don't know how to trad
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David Naane
David Naane Aug 10, 2018 14:02
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Please Glenn i need help from you ,i dont know how to trad ,I'm still a newin this thing,Please help sir
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Nkosinathi Ecg Bushirified
Nkosinathi Ecg Bushirified Aug 10, 2018 14:02
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I can try to teach you the basics.
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Moosa Masinge
Moosa Masinge Aug 10, 2018 14:01
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Good day...as I am still new in the world of forex trading I am looking forward to learn more from u sir...thank you very much and hope I will be able to analyse the market more like you do...enjoy the weekend everyone.
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David Naane
David Naane Aug 10, 2018 13:37
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Thankx sir
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Mzingisi Mbangata
Mzingisi Mbangata Aug 10, 2018 12:34
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Thank you very much Glenn.
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Xola Olwethu Thintelo
Xola Olwethu Thintelo Aug 10, 2018 11:56
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Great insight. Banked on the EURUSD and EURJPY. I can call it weekend. Till sunday am not seeing no chart for now
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Sibonelo Kwenzokuhle
Sibonelo Kwenzokuhle Aug 10, 2018 11:56
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Yeah Me To.. No Chart
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Selaelo Seleka
Selaelo Seleka Aug 10, 2018 11:22
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USDJPY employment change later will bullish and USDJPY Core CPI will bearish later?
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lindokuhle mbatha
lindokuhle mbatha Aug 10, 2018 11:21
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On Dax - looks like a breakaway gap completing the bear flag.
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Sibusiso Myeni
Sibusiso Myeni Aug 10, 2018 11:19
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Wow I've seen some nice pip on EURUSD
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Edna Lomigora Mekic
Edna Lomigora Mekic Aug 10, 2018 11:08
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Same thoughts on EUR/USD and XAU/USD. I made some nice pips trading these pairs this week.
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Nkosinathi Ecg Bushirified
Nkosinathi Ecg Bushirified Aug 10, 2018 10:31
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I trust you sir!
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