I plan my trading for the week ahead each weekend. Here are the Forex trading opportunities I will be stalking this week.
Note that this is my current view, but if market conditions change my view can change too. Generally I will trade in alignment with what I have noted here, though I will wait for a set-up before I enter. I base my view on technical and fundamental information. This is my beliefs and you are welcome to have opposite ones. Having a plan is more important than the actual direction for me.
- Short GBP/USD (Trend – though I have a tentatively bullish fundamental view, which is best expressed against the crosses)
- Long USD/JPY (Trend)
- Short AUD/USD (Trend – Currency pair is ignoring positive news)
- Short EUR/USD (Trend)
- Long NZD/USD (Reversal – very tentatively off weekly support )
- Short USD/CAD (Reversal – a double top may be forming. Was the strongest of the majors against USD last week)
- Long USD/CHF (Trend)
- Long NZD/JPY (Trend)
- Short AUD/NZD (Trend)
- Short EUR/GBP (Trend – but market type is sideways)
- Long EUR/AUD (Breakout – but watch for reversals off weekly resistance)
- Long GBP/JPY (Trend – Could be the best place to play a long GBP view)
- Long EUR/JPY (Trend)
- Long XAU/USD (Reversal off weekly support)
Trend: Market is trending in the direction I have listed and I expect it to continue
Reversal: I am looking for a reversal against the current trend
Breakout: The currency pair is breaking out of a range
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (https://fxrenew.com/forex-course/). He is a key team member at premium FX services provider www.fxww.com and part owner of Forex Signal Provider www.fxrenew.com (You can get a free trial). If you like Sam’s writing you can subscribe to his newsletter for free (https://fxrenew.com/newsletter-sign-up).
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