The Market Ranger - Weekly Price Analysis and Commentary (June 5-9 2017)

The European Central Bank had a meeting today and an announcement was made that Spain is joining as one of Europe's economic pillar aside from Germany and France. With that we can see a great performance of Euro against US Dollar

• Euro vs.USD: Bullish Market Trend

Euro is still showing a very strong upward trend breaking another resistance now support level 1.11396. This is a breakthrough for Euro for more than a month already. Resistance level is visible at 1.13849 (245 Pips distance from support). We can see a very good opportunity to BUY as a PIN-BAR formed rejecting support level. We can enter a trade when it retraces 50% of the Pin-Bar.

• Australian Dollar vs USD: Bullish Market Trend

Australian Dollar price bounce at support key level at 0.7331 and an obvious uptrend happened when it broke a key resistance level at 0.74935. As we are a practitioner of Swing Trade, we will wait for a good entry at pull-back zone @ 0.7493

(104 pips potential profit zone).

• British Pound vs. USD: Bullish Market Trend

British Pound, like all other European currencies, is surging higher. We can see a PIN-BAR FAKEY COMBO, rejecting resistance level at 1.2762, which is a retest price rejection signal, a very good buying signal. In fact I placed a trade for this signal and I have a running profit now. The target resistance zone of this set-up is 1.3140 which is very wide! This is a very high probability trade and worth the risk.

• New Zealand Dollar 'Kiwi' vs USD: Bullish Trend

Kiwi had a very stiff uptrend this week and broke two resistance levels 0.70523 and 0.71280. Best trade to place at Swing Point of second key level.

• XAU (Gold) vs. USD: Bullish Trend

Gold is my second target to trade this week as it is showing a very stable pattern in Horizontal Key Levels and PRice Actions. IT contained in the Key Level 1259.90 which serves now as the Support Zone. Gold is a quality market to trade as it has only few variables for the market to move unlike currencies. Let us wait again for a good pull back at the Support Zone and earn a good profit.

Conclusion:

In this weeks analysis, we see European currencies and Gold all surging high with no signs of reversals yet. With that we can look for Swings Points to enter the trade following our principle of Pull-Back Trading to catch big moves maximizing our profits. But then again, Patience is required to wait for our edge/signal to perfectly show up and we never risk any money for a low-quality set-up.

Have an awesome journey traders!