So the weekend has pretty much arrived, but we’ve still got the close of the US session ahead of us, and an evening’s worth of trading to see if we can close out the week on top of the market. It’s been a pretty rough week, and the markets have been pretty volatile. Normally, this volatility is welcome – it gives us the chance to get in and out on breakout positions. This week, however, it’s been choppy, unsustained volatility. This meant we got chopped out of our trades on a number of occasions – price broke our key levels to put us into a trade and then quickly reversed to take us out again by way of a stop loss hit. We also took a few profits, however, and things look ok heading into this final analysis, so long as we can stay on top of our risk.
So, with this said, and as we head into the evening session tonight, here’s a look at what we are focusing on for the close of the session, and where we are going to attempt to get in and out of the markets if things play out to our favor.
As ever, take a quick look at the chart below to get an idea of what’s on.
As the chart shows, the levels in focus for this evening’s session are pretty much unchanged on what we set up this morning. Specifically, we are going to hold support to the downside at 574, and resistance to the upside at 579. We said it this morning and we will say it again, breakout only with a range this tight.
If price breaks below support, we will get in short towards an immediate downside target of 568. Conversely, if price breaks above resistance we will get in towards 585 flat.
Charts courtesy of SimpleFX