Weekly analysis by BOAFX Trading Signal Solutions


I am expanding my reach and posting my analysis beyond my own forum hope you get some winning trades from my efforts


As we expected the bearish trend rested on the 0.9342 level before making a return to the bullish trend, unfortunately this was short lived and it only hit the 0.9403 level before going bearish for the rest of the week. We are however resting on the next support of 0.9315 but I am dubious to whether this might return to the top of the breakout "W" pattern at 0.9222 this would be a good buying price or you could buy now with a stop loss below this level if you have a bigger risk appetite.


We still seem to be stuck in this 110 pip channel which could mean a good breakout when it happens. I will be looking to enter the buy just above 1.3570 and the sell at around 1.3450. I don't have a preference to which way it goes but beware of the false breakout especially if it happens during an economic alert, check your calendars. you can see the channel on the picture I posted in the technical analysis section


Still in this rising channel sticking very close to the top. The fact that it has tried to break through the 1.6157 level then reversed during A time of high volatility tells me to watch this level again this week. If it doesn't break through I am going to assume that a reversal will again take place and will not rule out that this could return to the base of the rising trend channel around 1.5850 depending on the time it takes to get there. If we smash the rising channel then I will look to return to the early year highs of 1.6300. before seeing another reversal.


We did see some return to the bears on market open last Monday but we have slowly moved back above the resistance level at 1.0300 I will have to see if this remains support or becomes resistance before choosing my strategy here. I still favour the bearish return but will be acting with caution.


We broke through the base of a 4 hour chart support level on Friday and are reaching close to the base of the weekly chart channel that I wrote about last week. will it break through this number we will have to see. Don't rule out 0.9085 becoming resistance before a further down move.


I do feel like I am repeating myself with this currency pair every week but we have seen something interesting on the daily chart that I think is now worth letting you know about. A symmetrical triangle has formed and is getting close to its breakout point. take a look at the technical analysis thread to see what I mean you can take the breakout levels from there.



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