Daily FX Training | Learn Forex with the Dynamic Traders: End of Week Review

Good Evening Dynamic Traders,

Hope you all had a wonderful weekend. I thought I would take the opportunity this evening to review some of my previous posts and see how the pairs have fared.

The AUDUSD posted on 8th June projected a possible retest of previous resistance before the continuation. Price indeed did exactly that, it tagged the resistance turned support and then started its journey up producing a 400 pip opportunity on the way up.

Price is now approaching an area which it found resistance previously. It could form a double top and bounce down from it or it could break through if the bulls are stronger than the bears. For me this will be one for the watch list for re-entry once signs are more clearer of where price wants to go.

The Loonie posted on the 10th June, was a projection of a potential head and shoulders formation at the very early stages (development of the right shoulder). It did in fact continue to form the shoulder and retested the previous low. Having done that however, it went back up to re-test the high (and Fib breather level) and did not quite get there.

There are still signs of weakness in the Loonie however, it is unclear as yet whether the pullback/breather is complete before the possible continuation down. Once confirmation is available a good entry short may be sought.

The EURGBP chart posted on the 3rd June has broken through the value index and previous supports producing some nice profits for those that took the opportunity. As we all know price does not move in one direction constantly. Therefore it should be expected that price may go back and retest the support that it has recently broken through.