{"id":11429,"date":"2023-05-08T11:24:01","date_gmt":"2023-05-08T09:24:01","guid":{"rendered":"https:\/\/investmentbell.com\/?p=11429"},"modified":"2023-05-08T13:10:25","modified_gmt":"2023-05-08T11:10:25","slug":"forex-technical-analysis-patterns-trends-trade-ideas-for-this-week","status":"publish","type":"post","link":"https:\/\/investmentbell.com\/it\/analysis\/forex\/forex-technical-analysis-patterns-trends-trade-ideas-for-this-week\/","title":{"rendered":"Forex technical analysis, patterns, trends & trade ideas for this week."},"content":{"rendered":"

https:\/\/youtu.be\/odq0tWFqeOk<\/span><\/a><\/p>\n

 <\/p>\n

EURUSD going nowhere last week as I suspected so that has meant buying at strong support at 1.0975\/55 (a low for the day here on Friday) & selling at resistance at 1.1080\/1.1100 has worked.<\/span>\u00a0<\/span><\/p>\n

Keep trading these 2 levels until we breakout of the 100 pip range.<\/span>\u00a0<\/span><\/p>\n

Shorts at 1.1080\/1.1100 need stops above 1.1105. A break higher is a buy signal & resumes the 7 month bull trend. Try to buy in to a long & hold it with stops below 1.1065.<\/span>\u00a0<\/span><\/p>\n

Strong support at 1.0975\/55. Longs need stops below 1.0935. A break lower targets 1.8080\/70.<\/span>
\n\u00a0<\/span><\/p>\n

EURCAD I was watching for a double top sell signal – this did play out on Friday as the pair collapsed almost 200 pips, as far as strong support at 1.4800\/1.4780. We unexpectedly broke lower to 1.4732. The close at the low of the week after a near 400 pip collapse in just 2 days suggests further losses to 1.4690\/70, perhaps as far as a buying opportunity at 1.4600\/1.4580. Longs need stops below 1.4560.<\/span>
\n\u00a0<\/span><\/p>\n

EURNZD has collapsed to what should be strong support at 1.7500\/1.7480, with a low for the day just 10 pips below here. Longs need stops below 1.7450.<\/span>\u00a0<\/span><\/p>\n

Targets are 1.7610 & 1.7700.<\/span>
\n\u00a0<\/span><\/p>\n

GBPUSD trying the third break higher – maybe this one will work. Support at 1.2605\/1.2585 if you want to try a long with stop below 1.2565. <\/span>
\n\u00a0<\/span><\/p>\n

GBPCAD has a potential double top sell signal after Tuesday’s bearish engulfing candle at the November 2022 high.<\/span>\u00a0<\/span><\/p>\n

This could give us an opportunity to try a short on the bounce we saw on Friday at 1.7060\/80. However shorts need a wide stop above 172.45. It could be worth the risk because the first target is 167.20 but 164.00 is not out of the question.<\/span><\/p>\n

Watch the video!!<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

<\/span> 0<\/span><\/div>\n\t\t\t