FOREX WATCHLIST, WEEK 31, 2023
Earlier in the month I posted analysis of major currencies indicating several scenarios. We are in the tail end of corrective moves, we are anticipating continuation of the main trend.
XAUUSD
After strong data from the US on unemployment, the dollar rallied causing XAUUSD to slide. Presently, we have broken a key zone and formed a new low after a change of character. We are anticipating a minor bullish correction targeting the unmitigated zone. Our targeted exit is the 1902 liquidity.
GBPJPY
The Bank of Japan issued an unexpected monetary policy update that propped the Yen against major currencies. After a change of character (CHoCH), we are presently awaiting a minor bullish correction targeting either unmitigated zone. Our targeted exit is the flip zone/demand zone at 170 price handle.
AUDJPY
We are witnessing a completion of bullish correction and a creation of a new low. Our targeted entry is the liquidity at 95.4 and exiting ta 88.15 price handle. Kindly note the pair has a possibility of pushing higher targeting the fresh order blocks sitting higher.
DXY
After a strong unemployment data, the dollar index is resurging. Cross USD pairs are broadly bearish awaiting key NFP data this week. Presently we have a flip zone identified by the fresh order block (in green). I have placed a buy limit at that region targeting the 102 region. Point to note, the same set up is also valid for USDCAD.
EURCHF
After a bearish slide, we are in witnessing a bullish correction. Buy limit placed at the unmitigated demand. The long term trend is still bearish.
NB: Our analysis is strictly based on supply and demand, suitable for swing traders.
