Latest Chart Analysis/Trade Ideas – Week Beginning 16th May 2016
The EUR/USD is showing signs of indecision at the Support area (1.1315) area, if we see a good indication to buy and it yields a good risk to reward, we are buyers.
The GBP/USD has broken through the Support Area (1.4400), but only slightly. As price is at a S/R Area we need to await for further price action to see what to do next.
The AUD/USD did exactly what we expected last week, it continued down to the next Support Area (0.7330). It has broken through the Support Area and retraced, using the area as Resistance.
The USD/JPY is currently in between our support (108.10) and our resistance (111.40), we will wait for price to reach our resistance area and look for indecision.
As always our analysis is not intended to be definitive, please use your due diligence before entering any trades.