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.
- Long GBP/USD. Trend – MT is a bull normal. The weekly reversal candle did not hold last week after the market was surprised by the election result with the polls proving way off target. Beware of a potential double to, but for now GBP is a buy.
- Waiting USD/JPY. – MT is sideways normal. Range is getting very tight. Stalk the breakout.
- Long AUD/USD Trend – MT is bull normal. Rate cut last week but expectations for further cuts were lowered. Market type is technically bullish but looking a bit messy to my eyes.
- Long EUR/USD. Trend – MT is bull normal. Dips like this is bull markets represent buying opportunities. Low conviction but trade what is in-front of you. We also have a wide weekly spinning top so if next week is a sell off we have a shorting opportunity.
- Short NZD/USD. Trend– MT is sideways normal. A daily close below the low of last week signals a bear market. NZD suffering from increased expectation of a rate cut.
- Short USD/CHF. Trend – MT is bear normal. Almost have a weekly reversal pattern. Be careful going short here.
- Waiting EUR/CHF. – MT is sideways normal. Wait and see
- Waiting USD/CAD. – MT is bear normal. Turning sideways so wait.
- Waiting EUR/GBP. – MT is sideways volatile. Wait for now.
- Waiting AUD/JPY. MT is sideways volatile. Turing sideways volatile, but suspect the opportunity is to the downside.
- Waiting NZD/JPY – MT is sideways normal. Almost a reversal off the edge but not quite… weekly charts are sideways not helping us.
- Long GBP/JPY. – MT is bull normal. Bullish after the election so keep buying. At the top of the range now though so be careful.
- Long EUR/JPY. Trend – MT is bull normal. Bull market still in play.
- Short GBP/NZD. Reversal – MT is just strong bull. In my mind this looks a bit risky but we are getting a sell signal off the edge of a week range. A short for the courageous.
- Long EUR/NZD. Trend– MT is strong bull. Could be a decent buy the dip opportunity.
- Long AUD/NZD. Trend– MT is strong bull. Look for buy the dip opportunities. Divergence in monetary policy here (at least till now!).
- Short EUR/AUD. Reversal – MT is normal bull. We actually have a shorting opportunity here with a double top and bearish engulfing candle. Only thing I don’t like about it is that the resistance has not been take out so we may just see one more pop higher.
- Waiting GBP/AUD. – MT is sideways normal. The short last week was a good like trade opportunity pre-election. Post election the range has held.
- Waiting AUD/CAD. – MT is sideways normal. Wait.
- Waiting GBP/CAD. – MT is Sideways normal. One more up day turns this into a bull.
- Short EURCAD Reversal -MT is bear volatile. Similar to the EURAUD mentioned above but resistance was taken out. This would be a higher conviction short.
Analysis to read:
Economic calendar for the week ahead:
(MT = Market Type: Click for more information on market types.)
(MT = Market Type: Click for more information on market types.)
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 (get free access). He is a co-owner of Forex Signal Provider www.fxrenew.com. If you like Sam’s writing you can subscribe to his newsletter.
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