Weekly Forex Pairs Analysis- 2nd of 6th of May 2022

EUR/NZD

Price Action– There was a retest of the support zone at 1.60838 of the existing ranging momentum, also there was formation a bearish trap pin on Thursday which clued us to anticipate a bullish rally.

Trading Focus – We are considering trading a bullish momentum in a short term while resistance zone at 1.66086 serves as our near term anchor for the run.

TradeforxTrap

GBP/JPY

Price Action– The week began with a strong bearish momentum kick started by small bearish pin at 167.540.

We have to sit on our hands to expect a retracement within 164.554.

An inside bar was formed just below the resistance level, this make us to anticipate a false break within the support region this week.

Trading Focus– We are anticipating a fakey/false break of the mother bar within the inside bar this week, this will clue us into a near term bearish rally where our focus support will be at 158.006 zones.

AUD/USD

Price Action-The bearish momentum continues aggressively, which formed a big pin bar/Tailed bar bearish reversals.

Trading Focus- We anticipate a continuation of the bearish momentum where the next support zones is at 0.69963.

XAUUSD

Price Action– There is a formation of a bullish pin bar at 1916.43 support turned resistance.

The bullish pinbar is in line with the recent bearish momentum building up gradually.

Trading Focus-We are considering trading the bullish pin bar after a brief retracement.

Our next support zone is at 1835.46.

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