Today we are looking at the most interesting things going on on the Forex market, offering the most promising trades from the point of view of Gann’s methods. Let’s start with EURUSD. Since the dollar index could drop a little, the USD could weaken and offer an opportunity for the euro/dollar to rise slightly. Therefore it is worth keeping an eye on the price to see if it rises above 1.1410. If it does, then growth in the short-term will look very promising.
To set the targets, we need to have a look at quadrat 9 from this week:
We can see clearly that it has not been able to overcome the range between 2 calculated levels (1.14070 – resistance, 1.13546 – support) since 6th May. To avoid taking too many risks, we should look at entering the market only after one of these levels has been overcome. Based on previous movements, priority in this case goes to the resistance. If it is broken then we could see a growth to 1.14724. If the support is broken, the target will be 1.12631. However, in this case we need to be more careful and keep a hawk eye on the oscillators, in particular the ones on screen.
The AUDUSD and NZDUSD are also worth a look. Each of these pairs has the chance for a short-term growth of no less than 50 points. We can see this in the following two pictures:
For the AUDUSD we should pay attention after the 0.7395 resistance has been overcome. Then the price will have the opportunity to reach the corner 1-1 or at least the 0.7510 consolidation zone.
The NZDUSD has the same situation, but without as much promise for price movement:
In this case, the price is already slowing its fall and the target is the slowing corner 1-2. If we take classical graphical analysis into consideration, the same conclusion leads to a forming of a pennant. The targets are best considered with the price quadrats in mind. For the AUDUSD, the targets for the coming time are 0.7397, 0.7440, and 0.7498. For the NZDUSD the targets are 0.68244, 0.68511 and 0.68912.