Weekly forex market price action analysis & trade ideas – September 2 – September 6th 2019
- US DOLLAR/CANADIAN DOLLAR (USDCAD) – BEARISH BENEATH 1.33439 AND 1.34334 KEY RESISTANCE LEVELS;
Over the last couple of weeks we’ve seen the U.S Dollar, Canadian Dollar pair record some gains after it plunged beneath 1.33439 in June this year. Price has rebound and it’s currently testing the 1.33439 near term resistance.
Trade Idea;
We will remain bearish on this pair beneath 1.33439, 1.34334 near term relevant resistance levels. We really want to see sustained bullish sentiments past these key levels before we nullify our bearish stance. Traders may therefore consider shorting this pair as price continues to hold below 1.33439 and 1.34334, downside target is 1.30799 and possibly much lower.
See chart below for reference;
- DOLLAR-SWISS FRANC (USDCHF) – BEARISH PULLBACK TO TEST KEY RESISTANCE LEVEL
We have seen massive selling pressures on the USD/CHF as price continue to plunge intensively. Last week, we saw price record some gains as the market rebound to test near term swing resistance at 0.99404. We shall keep an eye on the pair as price approaches this swing resistance level and look for valid selling signals to enter the market.
Trade Idea;
Keep an eye and look out for bearish price action sell signals within the zone 0.99404 – 1.00055 as the market pulls back to test 0.99404 resistance.
Caveat; A sustained rally in price above 1.00055 shall render our bearish sentiment around 0.99404 invalid for this week.
- SILVER SPOT (XAUUSD) – BULLISH TREND REMAINS SOLID
The strong uptrend we are seeing on silver spot presents many profitable trading opportunities for all. The overall directional bias of silver spot remains bullish over the medium and long term.
Trade Idea;
Apparently, new near term support can be spotted at 17.470 on the daily chart and traders not already long on silver spot may watch for buying signals upon retracement to this near term support level as trading session unfolds this week.
See chart below for reference;
- SPOT GOLD (XAUUSD) – CONTINUOUS TO RALLY BUOYANTLY
Last week, we saw Spot Gold maintain its upward rally as price continued to trade above near term support levels.
The current Price Action dynamics surrounding Spot Gold indicates that bulls remain in control, hence, we would continue to assume a bullish stance on spot Gold this week and look for valid buying signals as price retraces to mean levels using the 10 and 30 period Exponential Moving Averages (EMA) as reference on the twelve hour or daily price chart.
Trade Idea; consider looking for buying signals on Spot Gold upon retracement to the 10 and 30 period EMA on either the twelve hour or daily price chart. On the other hand, a sustained decline in price beneath 1480.64 shall nullify our EMA entry strategy for this week.
See chart below for reference;
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About E.O. Essien
E.O Essien is a Chartered Financial Economist with accreditation from the Global Academy of Finance and Management (GAFM) and the Association of Certified Chartered Economist (ACCE). He is a Professional Forex Trader, Trainer and Coach who received his professional Trading Education from Nial Fullers’ Online Price Action Trading Course. Where he obtained the trading strategies and success secrets used by Millionaire Trader Nial Fuller and many prop firms who trade stocks, bonds, commodities, currencies etc.
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