The following is weekly Gold and EURUSD technical analysis with limit orders for the week of January 09 to 13. See our previous week’s results and new Forex limit orders after the NFP release last week.
08 January, AtoZForex – We have stepped into the first week of 2017, last week. It was a new year, we had a new Non-Farm Payrolls, but the same old market.
NFP missed expectations. The consensus was for an increase of 175k, but December added just 156,000 new jobs. This, however, followed a rise of 204,000 in November that was bigger than previously estimated, according to Labor Department report. Meanwhile, the unemployment rate has nudge 0.1% up to 4.7%.
On a flip side, Average Hourly Earnings jumped by 0.4%, counteracting the below expectations NFP data and resulting in overall positive news for the USD.
Looking back to the last week’s technical analysis, two of our four Forex limit orders have been triggered. And both have reached our expected levels. Our Gold buy limit order from 1149.4 have reached the take profit level at 1169 with ease.
The same was with our second buy limit order for EURGBP. The pair has successfully rebounded and triggered our entry point at 0.8456. The take profit target was reached within a day and the pair remained to trade higher.
The second Gold limit order that did not triggered should be cancelled for this week. However, the EURGBP sell limit order can remain but the target and risk exposure might need to be adjusted.
Based on this week’s Forex technical analysis, we have the best risk/reward Forex limit orders for Gold and EURUSD currency pair.
Gold technical analysis and limit orders
Looking into Gold technical analysis, last week we noted that the underlying trend for the instrument remains biased towards the downside. However, the precious metal was severely oversold and the bottom has formed for a bullish correction. This was, indeed, what happened.
This week we could continue to ride the correction wave. Risk exposure should remain limited to half of the usual norm. With that said, we can look to buy Gold from lows towards 1162.6 and aim back towards 1176.8.
EURUSD technical analysis and limit orders
Let us turn to our second technical analysis pick of the week, EURUSD. I am not yet convinced that the ongoing bullish correction has ended.
Therefore, we could look to buy EURUSD from 1.0502 support level and aim higher towards 1.0578. However, the trend for EURUSD remains strongly bearish and risk exposure for this countertrend trade setup should be adjusted accordingly.
Forex limit orders for Gold and EURUSD
The following are our three Forex limit orders based on this week’s Gold and EURUSD technical analysis:
Gold buy limit order @ 1162.6 with SL at 1155.2 and TP at 1176.8.
Gold buy limit order @ 1151 with SL at 1144.8 and TP at 1185.
EURUSD buy limit order @ 1.0502 with SL at 1.0444 and TP at 1.0578 & 1.0698.
Lastly, keep your eyes on Analysis with entry and exit levels Forum thread for additional Forex limit orders throughout the second trading week of 2017.
What is your weekly technical analysis? Share your view in the comments section below.