Good evening, time for weekly analysis and starting from this week, MTC will share analysis weekly and traders may also share your opinion at our Facebook page or comment at the website. Sorry for not updating for few weeks as we are busy on our fund management site.
Would like to do some recap on our previous post before we proceed to the latest weekly analysis.
GBPUSD – We were bearish on 1.2878 and it dipped down another 66 pips before continue to break high. We were stopped out from this trade.
NZDUSD – We were bearish on 0.7276 and it hit our target price with profit 76 pips at the support zone we mentioned which is 0.7200 – 0.7195.
AUDNZD – We were bullish on the breakout momentum at the price of 1.0446. Price broke the resistance and it had a fantastic run of around 360 pips. Congratulation to our close members that had reaped the profit.
GBPJPY – We have mentioned it might have a significant retracement at price of 146.69 due to the weakness in GBP. Bingo!! We were right and the trade was really yummy! GBPJPY has gone down 730 pips.
Remember the rule of trading is about how much you can make when you are right, take small losses every time when you are wrong. With this, you will surely make money in the long run.
Okay, lets come back to the latest weekly analysis.
AUDNZD has shown some weakness from the price action. We are waiting opportunity to catch the reversal trend. The better risk reward zone would be as shown in the highlighted area. Be patience while waiting for the price action to tell us the opportunity.
USDSGD has rebounded from the significant support and we are looking at 1.3364 – 1.3383 for buying opportunity.
We are looking for a short term retracement for GBPUSD at the highlighted area. Do not short unless the price action tell us the weakness of trend.
Tips : Set your price alert and avoid yourself being glued to the screen and make bad trading decision.
Happy Trading MTC Traders.