Forex Trading Opportunities for the Week Ahead 10 May 2015

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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:

Marc Chandler

Jim Langlands

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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