17 May Weekly Forex Technical Analysis & Review (18th – 22th May 2020)
Weekly Forex Technical Analysis
GBPUSD the price of the British pound broke through the support level (it was at 1.21500, now it has shifted to 1.19000.) The price will fall and reach the bottom. You can join our with paid signal channel on Telegram we have been the most consistent reliable Forex Signals service in world. Join us and change your life. If you want daily profit then you can join with us and get 90% profitable trade always. For more info about our paid group > inbox us or select our service package Click here Forex Signal, Forex Trading , Forex Best Signal Provide
GBPCHF While the price is below the resistance 1.2200, resumption of downtrend is expected.We make sure when the support at 1.1670 breaks.If the resistance at 1.2200 is broken, the short-term forecast -resumption of downtrend- will be invalid.
GOLD is unstoppable right now and is soon to storm the 1800 key level.The only question is- what we get to see:1- An optimistic scenario, drawn with a green line, where there is a retest of support after a breakout towards 1900, and then a strong move up into the 2300/2500+ in 2-3 years.OR2-A pessimistic scenario, drawn with a red line, where the breakout turns out to be a false one and GOLD returns below the 1800 level and gets stuck in there for another accumulation period for another 5-10 years.It is clear by now, that the general uptrend will continue and that a super long term outlook is certainly bullish , but just how bullish is a question for 8 trillion dollars, which is the current total gold market cap.It is clear that the 1500 level is the new absolute bottom, and that we will never see gold cheaper than that again, so should gold choose the second scenario then buy near 1500-1600 level.(unless Earth isn’t hit by a massive asteroid full of gold anytime soon)An example of what trading will look like in a pessimistic scenario can be seen in the blue rectangle around the lower accumulation zone.The fundamentals beyond the gold growth are the usual culprits: central banks printing money, fears of inflation , the increased demand for a safe haven other than dollar, negative rates and, possible stagflation.There is a remote potential for the gold to come back as a funding vehicle, when people, companies and states will be borrowing and transacting in gold . That would have us see gold=10.000 and more.
GBPJPY is currently in an downtrend so we’ll be expecting it to further go down.
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