Friday Technical Analysis Recap: EUR/GBP, USD/CAD, AUD/JPY, OIL | Vantage FX

Friday Technical Analysis Recap: EUR/GBP, USD/CAD, AUD/JPY, OIL

December 23, 2016

Monday:

Turning some attention away from the majors and onto the currency crosses, we kicked off the week looking for EUR/GBP to bounce.

“EUR/GBP Daily:
161219_eurgbp_daily
Click on chart to see a larger view.”

As you can see, price pulled back to this support/resistance zone that had seen a reaction multiple times over the past six months.

EUR/GBP Daily:
161223_eurgbp_daily
Click on chart to see a larger view.

Like clockwork, the higher time frame level held and there were multiple opportunities to get long on pullbacks where your stop would have never been under risk.

Excellent setup that played out with perfect technical structures.

—–

Tuesday:

Tuesday saw us take a look at the USD/CAD daily zone that we’d also had on the watchlist for months.

“USD/CAD Daily:
161220_usdcad_daily
Click on chart to see a larger view.”

“Not the type of setup I am jumping out of my skin to take, but when the level comes back into play, you certainly have to take notice.”

I was cautious as this level had been chopped through back and forwards on its most recent tests.

Just another reason to look for a short term confirmation when you’re looking for an entry level.

USD/CAD Hourly:
161223_usdcad_hourly
Click on chart to see a larger view.

A confirmation that never came.

We never got out of the higher time frame resistance zone and there was no re-test of a short term previous level of support as resistance. Just higher lows.

Caution justified and kept us out of a poor setup.

—–

Wednesday:

Wednesday gave us an opportunity to short AUD/JPY.

“AUD/JPY Hourly:
161221_audjpy_hourly
Click on chart to see a larger view.”

Higher time frame resistance held and then the market gave you TWO (the green markers below) chances to get short.

AUD/JPY Hourly:
161223_audjpy_hourly
Click on chart to see a larger view.

This one truly was a Christmas gift that I hope you spoiled yourself with.

—–

Thursday:

Really winding down into Christmas, we yesterday took a look at some of the gaps in Oil and whether we could trade into the most recent one.

“OIL Hourly:
161222_oil_hourly
Click on chart to see a larger view.”

The most recent gap was there for the taking as price stalled around 50 pips above it after that strong momentum drop.

You’re better off not asking why gaps fill… Markets are just a reflection of human behaviour and as I said on Twitter yesterday, humans are dumb.

OIL Hourly:
161223_oil_hourly
Click on chart to see a larger view.

Gap filled. Good job humans.

—–

From everyone at Vantage FX, I want to wish you all a Merry Christmas. See you after the break!

Dane Williams – @VantageFX

Do you see opportunity trading forex? Trade with Australian regulated forex broker, Vantage FX.

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