Sorry for the late post this week because Gump and I were exhausted after running a marathon yesterday! Lucky we were both able to finish the 42km killer run, phew! These are the 3 pairs we are focusing on this week.

AUDUSD


Price must clear the yellow zone

AUDUSD has broken the sloping trendline but is still resisted by the yellow zone. Price must clear the yellow zone before any upward movement. If reversal patterns (double top, triple top, etc) formed near the yellow zone, it will provide us with the opportunity to short this pair.

AUDJPY


Triangle pattern

AUDJPY has been consolidating inside the triangle for the past few week. This pair could move in both way depending. If price close above the sloping resistance and clear the yellow zone, it will be a bullish. If price close below the sloping support, it will be bearish. This is going to be a big movement, we will keep a lookout on this pair.

GPBJPY



Blue support zone proves critical coming to Week 22

Although we are holding out on AUDJPY, NZDJPY and GBPJPY going into week 22. We cannot discount the possibility that the upmove in Week 21 can merely be a retracement for further downmove.

Have illustrated a potential harmonics pattern pointing to bearish movement for GBPJPY.

A break below 132 is a price zone where we will close our long positions on GBPJPY and look for a potential short signal.

If price is supported around 132, we will gladly continue our ride up for GPBJPY.

Summary

When the going gets tough, the tough gets going.

May was a rough month at ForexGump but we know that eventually we will be back to our winning ways.

For our followers, do not be discouraged if you had a bad month too.

Keep on trading, improving and you will get there someday!