Analysis for May 29th

Hey Guys, this is Nathan.

 

I know it’s been a while since we did our Analysis and I apologize for that. I also apologize that I am still not feeling well so I am resorting to a picture and text analysis rather than the standard video.

 

Any comments, thoughts, suggestions or questions are welcome.

 

 

The USD/CAD made a strong reversal signal today. Price looks like it wants to move lower for a re-test of one of the critical areas in recent history on the USD/CAD.

Be careful though, the USD/CAD could just be shaking people out for a continuation move to the upside. Both possibilities have some profit potential. If you are bearish based on today’s price action, keep on the steep up-move and draw a rough trend line on that steep move. It’s important that the line is broken before we can be confident in any bearish continuation beyond just one bar that we saw today.

usd_cad_analysis

 

The EUR/USD is still mainly a sideways market, but it is respecting the strong support and resistance zones that we’ve identified. Today was a pretty bullish move, but the Euro has not gained any ground in almost two weeks.

The Euro, yet again, is in a place that simply makes trading difficult. My recommendation is still to focus on other trading opportunities and markets.

EUR_USD_ANALYSIS_1

Sticking with the focus of the USD being weak today, the GBP/USD is making a strong move to the bullish side; however, there looks to be very limited room for it to run with the 1.5200 area close by.


gbp_usd_analysis_1

The EUR/GBP continues to reject the .8600 level. It has not yet made a continuation to the bottom of the sideways market to .8400 but it has not quit fighting 86 to this point. It’s not likely that it will last much longer before showing some continuation of that fight to the downside or just breaking through the .8600 zone.

EUR_GBP_ANALYSIS_1

 

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • Paul

    I hope you weren’t unwell for the holiday weekend Nathan? Thank you for your daily analysis update, despite your maladie

    I had 0.95 70 marked on my Aud Usd as a strong support area and yesterdays long tailed candle has provided an entry trigger long on my chart. Parity may be a reasonable target to ‘pull price back to, as it coincides with the 50% fib re-tracement of the recent daily down swing

    Get well soon

  • Ken Gee

    It’s great to be able to scroll down through the charts at my own pace however, I love the recorded analysis. Guess I’m 50/50 on the choice.

  • [email protected]

    Thanks, and hope you’ll be feeling better soon.
    KL