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 strong. More positive data off-set a dovish tone by the BOE and the up-trend is still in play. But buy with caution due to BOE comments.
- Waiting USD/JPY. – MT is sideways normal. Range is getting very tight. Stalk the breakout.
- Long AUD/USD Trend – MT is bull normal. Continue to buy.
- Long EUR/USD. Trend – MT is bull normal. Continue to buy. Deutsche bank suggesting a sell but no technical signal as yet.
- Short NZD/USD. Trend– MT is bear normal. Pull back last week off support but selling has resumed and bear market is in play. Note if price stays choppy we could quickly turn back into a sideways market type.
- Short USD/CHF. Trend – MT is bear normal. Last weeks reversal pattern failed – go short.
- Waiting EUR/CHF. – MT is sideways normal. Wait and see
- Waiting USD/CAD. – MT is sideways normal. Wait.
- Waiting EUR/GBP. – MT is sideways volatile. Wait for now but expecting price to head higher inside the range.
- Long AUD/JPY. Trend –MT is bull normal. Look to buy.
- Short NZD/JPY. Trend – MT is bear normal. Look to sell.
- Long GBP/JPY. Trend – MT is bull normal. Keep buying.
- Long EUR/JPY. Trend – MT is bull normal. Bull market still in play.
- Short GBP/NZD. Trend – MT is just strong bull. Reversal did not occur last week but we have a very bearish pattern off weekly resistance on weds last week that is still in play. Look short with caution
- Long EUR/NZD. Trend– MT is strong bull. Buy the dip worked last week. Keep buying.
- Long AUD/NZD. Trend– MT is bull normal. Keep buying but be wary of resistance.
- Waiting EUR/AUD. – MT is sideways normal. Wait.
- Waiting GBP/AUD. – MT is sideways normal. Wait.
- 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. Last weeks short is still in play – just – a daily close above resistance will invalidate the trade and turn the MT to bull normal.
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.
Get a FREE 30-day trial of FX Renew’s premium Forex signal service
The post Forex Trading Opportunities for the Week Ahead 18 May 2015 appeared first on www.forextell.com.