we present USD Index short weekly review for the nearest future.
ForexTeam still think that USD Index is under bears pressure and it could be possible correction to the resistance level 96.20-96.50 and if this level will not broken up than we expect further jump down to the support level on 94.00
From other hand, if this scenario is right, we expect EURUSD (1.19) and GBPUSD (1.35) rise!
According our forex market research, ForexTeam is still by GBPUSD sell action. We think that soon on H4 time frame will be formed H&S structure and if this is the case, we expect GBPUSD sell till support level at 1.27
By the way, important resistance level at 1.2956 !
According our weekly review for GBPUSD, for this week we planned slowly bearish pressure for this currency pair. I repeat my question: “Do you like roller coaster?” Every day on this week the price tried to jump above resistance level at 1.2907, but daily close prices was always below this resistance level – clearly it was already 2 attempts!!
Today afternoon comes Nonfarm Payrolls report in USA and we think that if on daily time frame (D1) the price will stay below 1.2907 it could be the main reason of GBPUSD SELL OFF.
On last day in May British currency tried to break resistance level at 1.2907, but on daily time frame (D1) yesterday close price was 1.2889. If this resistance level (1.2907) holds somehow, than bears push the price down till the next support level at 1,2700 and ForexTeam reach the first target.
as we already wrote in our previous weekly review for GBPUSD, our traders think that this week bears must bring GBPUSD price till support level at 1.2690-1.2700 before British currency can start recovery with next resistance target at 1.3350
today ForexTeam sold GBPUSD with Target N1 at 1.2771. You can find this trading signal in our mobile app in menu “Active signals”. Price level at 1.2890 is a good resistance level and we hope that this “crazy horse” (GBPUSD) does not jump higher than 1.2890