Week of August 21 – August 25, 2017

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YEAR TO DATE POTENTIAL PIPS:

A COUPLE OF THIS WEEK'S PROJECTIONS:

GBPUSD:  The Pound.Dollar has been steadily declining in price since the anchor (high) was set in the first few days of August.  This pair has pushed short about +430 pips, with support being hit on the 800 EMA this last week.  We are looking at GBPUSD to re-test the low of the week (LOW) and begin to rise in price, starting a new trend (Mid Week Reversal).  Look for this pair to open in [Consolidation], Stop Hunt to the 800 EMA or LOW area and then for price to rise.  Our bias for the week on GBPUSD:  LONG

USDCAD:  After setting the anchor about three weeks ago in the end of July, USDCAD rose in price, following a solid weekly structure on the uptrend, moving over +350 pips on the uptrend.  Price found some rejection (Resistance) on the 800 EMA last week, and corrected short past the 200 and 50 EMA's.  We are looking for USDCAD to open the week in [Consolidation], make a move to the short-side, coming within range of "re-testing" the previous low that was set back at the end of July - and once that area is hit, a double-bottom pattern will be formed and we then are expecting USDCAD to rise in price.  Being patient with this pair is very important to begin the week.  Wait and see where the pair pushes....we are expecting the move short to begin, but the best setup will be seen when this pair re-tests the previous low set back at the end of July.  Our Bias for the week of USDCAD:  LONG

LAST WEEK'S PROJECTIONS AND RESULTS:

 

 

About the Author:

Jared has been trading the FX market for the past 8 years, having learned the Strike Zone Trading Strategy under the mentorship of Zen Alldredge. Jared currently works with Zen as a member of the Trading Empire doing "live" Checkdown webinar sessions Monday - Wednesday.

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