Another eventful and profitable week is in the books for traders. Due to the Dollar’s ability to trend this week, many traders were able to rake in serious profits from both the majors and minors.
Last Friday’s price action on the daily time frame for GBPUSD and NZDJPY both pointed to further upside. This week price action traders were able to enter and see that analysis get rewarded. NZDJPY moved swiftly to its final take profit of +170 pips. GBPUSD had some bumps along the way but was able to get to take profit 2 for a gain of +185 pips.
Next week looks just as exciting as USDJPY sets up for a potential swing long. Price was able to break out of the previous downtrend and has since then printed a hammer on the weekly time frame. Technical analysis of the Dollar Index also shows further upside is on the way. In addition, the long-awaited short for XAUUSD is also shaping up for a potential entry.
It would be premature to call a reversal on the Dollar just yet, but the price should reach 91.000 next week. As a result, traders should explore trade setups that take advantage of a bullish Dollar.
Directory:
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- Read yesterday’s breakdown: AUDUSD Hits Target 1 + Dollar Shows Signs of Life
