Based on my personal simple 2 MA trading strategy Forex analysis I share with you technical outlook and setups for four currency pairs.
31 August, AtoZForex – The following is my 2 MA Forex trading strategy analysis for EURUSD, GBPUSD, AUDUSD, and NZDUSD pairs.
Last two days we were able to aim +117pips from 3 positions using 2 MA trading strategy Forex analysis. Our GBPUSD order’s are still open +22pips first one,-8pips the second one. Hence we can expect the pair to continue upward. But if we see the price closing above 100 SMA on 1H chart we are going to cut our losses.
Technical EURUSD analysis: Bearish
From today’s EURUSD technical analysis we can expect the pair to continue downwards. However we can first look for a retracement back to 20 SMA at 1.1150 level. In addition, we can expect major news from the US this evening. Therefore, at this moment I don’t recommend any position.
Technical GBPUSD analysis: Neutral-Bearish
According to my 2 MA trading strategy Forex analysis, GBPUSD is trending above 20 SMA and there is a high possibility to reach 100 SMA on 1H chart. Hence our previous positions as I mention earlier are still open. For those who don’t want to risk further they can close those positions.
Technical AUDUSD analysis: Bearish
From price action perspective today’s 2 MA trading strategy Forex analysis for AUDUSD indicates further bearish continuation. We can expect the pair to continue towards to 0.7464 level which is 100 SMA on daily chart.
Technical NZDUSD analysis: Neutral-Bearish
Lastly, we finish today’s Forex market analysis with the Kiwi. Looking at the pair we can see from 1H chart that both 20 and 100 simple moving averages are flat which indicates neutral price action. Preferable we would like to see price reach 100 SMA at 0.7264 and continuous its movement downward from there on.