The following is weekly 2017 EURGBP and Gold technical analysis with limit orders for the first week after the New Year. See our previous week’s results and new Forex limit orders for the first week of 2017.
31 October, AtoZForex – Last week was quite calm from fundamental data point of view, but had several surprises stored for us from technical perspective.
As expected, some entities used the favourable market background during this holiday season and benefited from low liquidity. EURUSD for example surged to as high as $1.07 on Friday morning, naming the spike Asian flash crash. The week was also favourable for trading using moving averages as machine trading took place.
As for our last week’s technical analysis, all three Forex limit orders were triggered. The AUDUSD sell limit order from 0.7226 is into positive side as market closed the week at 0.7200. While our second sell limit order from 0.7200 is at breakeven. It might have also hit stop loss on some brokers as it traded pipets away from the SL level. At this point I would advise to close bearish AUDUSD orders at favourable levels as bullish correction is taking shape.
Meanwhile, our third EURGBP sell limit order was triggered during the so called flash crash and hit stop loss by 2 pips before falling to our expected take profit level. Lastly, the EURUSD buy limit order from 1.0412 has finally reached its take profit level at 1.0578. I must say, what a wild ride it was with the Euro order.
Based on this Forex technical analysis for 2017 first week, we have the best risk/reward Forex limit orders for Gold and EURGBP currency pair.
2017 Gold technical analysis and limit orders
Looking into Gold technical analysis, the underlying trend for the pair remains biased towards the downside. However, the precious metal is severely oversold and the bottom has formed allowing a bullish correction.
From here we could look to buy Gold from 1149 area and aim higher towards 1169. In addition, a favourable risk/reward Gold trade opportunity into 2017 could be seen from 100 hour SMA.
2017 EURGBP technical analysis and limit orders
Let us turn to our second technical analysis for EURGBP. As stated in our last week’s Forex analysis, the pair has begun a bullish correction phase and at the end of last week entered a possible consolidation zone. In any case, we can see two EURGBP trade opportunities.
For one, we could look to sell EURGBP on rallies towards 0.8625 level, aiming back in range to 0.851. On the other hand, we can also place a buy limit order at a major support zone at 0.8456 area.
Forex limit orders for Gold and EURGBP
The following are our four Forex limit orders into 2017 based on this week’s EURGBP and Gold technical analysis:
Gold buy limit order @ 1149.4 with SL at 1141.8 and TP at 1169.
Gold buy limit order @ 1142.5 with SL at 1136.4 and TP at 1157.4
EURGBP buy limit order @ 0.8456 with SL at 0.8417 and TP at 0.8510.
EURGBP sell limit order @ 0.8625 with SL at 0.0.8666 and TP at 0.8570.
Lastly, see this 2017 fundamental outlook to be prepared for the first trading week of the new year from the fundamental perspective.
What is your weekly technical outlook? Share your view in the comments section below.