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Weekly Trade Ideas & Chart Analysis by EliteFxAcademy January 20th, 2020

By January 20, 2020 No Comments

By EliteFxAcademy in Forex trading articles presented as trade advice & ideas by Martin Mohar on January 20th, 2020

All charts illustrated are traded on lower timeframes (W1 and D1). Bigger picture is related on higher timeframe, and lower timeframe is ment for making decisions. When is the right timing to use the right skills and strategy will tell you Elite strategy. Furthermore, this market analysis is continuation trade from weekly analysis. This analysis is in use from 20th of January 2020 and could take longer.

Disclaimer: Martin’s views on the Chart analysis is ment as a trading advice for education terms; Education terms include: trading consistency to everyone who is reading this blog; for every advance student and for every Elite student who is using this analysis for managing his equity by Elite strategy and custom indicator. This analysis is understandable and transparent for all Elite students. This is a free content which is based from Academy in term of transparency to support and following progress to everyone. We know that there is always possible way that market can pull you out even when you follow our analysis blog and advice for a trade. We don’t publish where you have to have your risk management – Stop Loss, because, it would not be fair to Elite members, who learned this techniques in our Elite course.

Keywords: Elite strategy, Custom Indicator, Fundamental Analysis, Tehnical analysis, Price action, Advanced strategies, Trading Education

 

MARKET OVERLOOK

FUNDAMENTALS

Disclamer: If we’re not save in trade yet, then it is more save to wait for a currency pair after news are reliased for this particural currency. This might be a short correction, or price will give us moving dirrection after news will be reliased.

Weekly Currencies Heat Map

 

TEHNICAL ANALYSIS

BTCUSD – Let’s see first sellers how much power they still have

Trend: Buy/ Neutral

At the moment: Sell/ Neutral

Price now: 8642.55

Support/Resistance:

R2: 10307.74

R1: 9106.68

S1: 8001.05

S2: 7593.96

S3: 7266.36

S4: 6555.78

S5: 5771.10

Price action:

For this potencial trade idea it is better to wait for more data then we have now, Because price is stucked between overall bullish period and recently sell, which presents more neutral chart then potencial trade idea.

Price break the channel and bounced from it. If the price will break 9106.68 level and hold above, then we can follow next target at 10307.74 level.

If the price will go down below channel, then we have to see retracement at deeper buyers support. First Buyers support is at 7593.96 level and second at 7266.36 level. If buyers will not show performance at these levels, then sellers has open era to first target at 6555.78 and second target at 5771.10 level.

Potencial trade idea:

Bulls targets:

T1: 8200

T2: 9106.68

T3: 10307.74

Bears targets:

T1: 6555.78

T2: 5771.10

NOTE – We are trading BTCUSD via the preferred trading setups by EliteFxAcademy

 

XAUUSD – GOLD has to decide

Trend: Sell/ Neutral

Price now: 1560.17

Support/Resistance:

R3: 1588.15

R2: 1577.45

R1: 1563.08

S1: 1555.12

S2: 1540.16

S3: 1531.75

Price action:

Overall flow is bullish, but that doesn’t mean the price can go deeper then it did. Price now is at decisional point between 1563.08 level and 1555.12 level. Once one side will break one of these levels we can go with the flow. Especially carrefull we’d be at selling because of overall flow. On the other side if buyers are able to break first resistance, then we might easily see following targets.

Potencial trade idea:

Bulls targets:

T1: 1577.45

T2: 1588.15

Bears targets:

T1: 1540.16

T2: 1531.75

NOTE – We are trading XAUUSD via the preferred trading setups by EliteFxAcademy

 

SNAP INC – Snapchathers on the way up (Continuation)

Trend: Strong Buy

Support/Resistance:

R2: 28.18

R1: 23.78

S1: 18.25

S2: 14.36

Price action:

Overall flow is very bullish. Trending is at very good strong position. The only way to get higher at this trending is following potencial targets. If the price get denied at straight away move up, then first support to prove non faker pattern, we can see at 18.25 level.

Continuation from previous week*

Potencial trade idea:

Bulls targets:

T1: 23.78

T2: 28.18

NOTE – We are trading SNAPCHAT via the preferred trading setups by EliteFxAcademy

 

EURUSD – At the point where finnaly sellers will face off

Trend: Sell/ Neutral

Support/Resistance:

R4: 1.12649

R3: 1.11928

R2: 1.11730

R1: 1.11017

S1: 1.10840

S2: 1.08739

S3: 1.06702

Price action:

Overall trade is getting percformance at very good potencial sell idea. Price close from previous week was on the bear edge. This means that sellers finnaly showing power, which might tell us decision. If price will break čeveč 1.10840 level, then as a long term sellers we can follow weekly report targets. If the price get declined then we still can see retracement from second resistance which is at 1.11730 level.

Potencial trade idea:

Bulls targets:

T1: 1.11730

Bears targets:

T1: 1.08739

T2: 1.06702

NOTE – We are trading EURUSD via the preferred trading setups by EliteFxAcademy

 

USDJPY – Buyers already in good shape

Trend: Buy/ Neutral

Support/Resistance:

R2: 111.046

R1: 110.234

S1: 109.938

S2: 109.726

S3: 109.316

Price action:

Price is still waiting for finnal break at 110.234 level which will prove trending idea. For now we might see some retracements, but overall USD currency is at strong bullish momentum. If buyers broke first resistance then we can see potencial target at 111.046 level. If sellers still have some power to retrace good, then price flow can fall into potencial bull range.

Potencial trade idea:

Bulls targets:

T1: 110.234

T2: 111.046

Bears targets:

T1: 109.938

NOTE – We are trading USDJPY via the preferred trading setups by EliteFxAcademy

 

 

GBPUSD – Price has to make a decision

Trend: Sell/ Neutral

Support/Resistance:

R4: 114.666

R3: 113.823

R2: 113.233

R1: 112.583

S1: 112.486

S2: 112.157

S3: 111.850

S4: 111.314

Price action:

At the moment price is stucked betweeen overall bulls and potencial bears. How we can relize perfect timing will tell us our Elite strategy, but first of all this trade might be more risky to trade then it looks, because of possible volatility and spikes. Trade idea is more on bearish side then bullish, even if overall market is still showing more bullish. Important to follow is second resistance at 112.157 level, because if the price will break this level and hold below, we can see second and third target. For now first target is more test for buyers then potencial target if you’re trader for healty profit and not Trade chaser. On the other side if the market get bounce and continue bullish, then healty trade idea starts from 112.583 level.

Potencial trade idea:

Bulls targets:

T1: 113.823

Bears targets:

T1: 112.157

T2: 111.850

T3: 111.314

NOTE – We are trading GBPUSD via the preferred trading setups by EliteFxAcademy

 

NZDUSD – Price has to retrace lower

Trend: Buy Neutral

At the moment: Sell/ Neutral

Support/Resistance:

R2: 0.67176

R1: 0.66596

S1: 0.65910

S2: 0.65655

S3: 0.65449

S4: 0.64334

Price action:

In this case we can say this is similar to gbpusd currency pair because trending is still in buyers territory but potencial trade idea is more bearish then bullish. We can say buyers will wait for sellers retracement and then they will decide if they will be able to bounce the price back where is at this moment. We are expecting retracement to buyers support at 0.65655 level. If buyers will not show any momentum, then following potencial sell idea is starting from retracement of the 0.65449 level. This might be potencial trade idea to lower supports. On buyers side, if Nzd currency will show performance and break 0.66596 level, then price has to test 0.67176 level.

Potencial trade idea:

Bulls targets:

T1: 0.67176

Bears targets:

T1: 0.65655

T2: 121.751

NOTE – We are trading NZDUSD via the preferred trading setups by EliteFxAcademy

 

USDCAD – Buyers at very good position

Trend: Buy/ Neutral

Support/Resistance:

R3: 1.32490

R2: 1.31750

R1: 1.31150

S1: 1.30471

S2: 1.30000

S3: 1.29500

Price action:

In this case we can see potencial buyers bounce, which can be used as a one more fact to buy this currency pair. Because overall trade is still on bearish side we have to be carefull and play on sellers fails later in this case. This currency will have potencial buy if the price will bounce from first support level at 1.30630.

Potencial trade idea:

Bulls targets:

T1: 1.31150

T2: 1.31750

T3: 1.32490

Bears targets:

T1: 1.30000

NOTE – We are trading USDCAD via the preferred trading setups by EliteFxAcademy


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