Forex Trading Opportunities for the Week Ahead 1 Feb 2015 by Sam Eder

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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/USDTrend – MT is bull normal. Continue to look for buying opportunities.
  • Waiting USD/JPY.  MT is sideways normal. Looking for long breakouts preferably with a fundamental catalyst.
  • Short AUD/USD. Off the edge – MT is sideways. Bearish engulfing candle off support giving an entry signal to get in on the long-term bear trend. Prefer scaling in and look to take some profit off if the price stops at the bottom of the range.
  • Short EUR/USD. Breakout - MT is sideways. Strong breakout candle, but no major fundamental catalyst. Scale-in short.
  • Waiting  NZD/USD. Trend – MT is bull normal. Double top with bearish candle has formed which could be a sign the price will reverse.
  • Long USD/CHF. Breakout – MT is bull normal. Look for buy opportunities in a bull normal market type.
  • Waiting USD/CAD. – MT is normal sideways. Continue to look for range trading opportunities.
  • Long AUD/JPY. Trend -MT is bull normal. The expected reversal is continuing so continue to look for long trades.
  • Long NZD/JPY. Trend – MT is bull normal. Continue to stalk for a low-risk long entry point.
  • Waiting GBP/NZD. – MT is sideways. Remaining within the range for now.
  • Short AUD/NZD. Trend - MT is longer-term sideways, shorter-term bear. The reversal failed so either look short or for the price to head back above 1.0425
  • Short EUR/GBP. Trend – MT is bear normal. Keep going short.
  • Short EUR/AUD. Trend – MT is bear normal. Breaking out of the range so look short.
  • Short EUR/NZD. Trend – MT is bear normal. So keep looking short.
  • Long GBP/AUD. Trend – MT is bull normal. Range has formed – otherwise no change from last week. This idea is invalid if price holds below 1.9600, but otherwise I like this trade. No support in site for the AUD on the monthly chart.
  • Long GBP/JPY. Trend -MT is bull normal.  No change from last week – Still a big fan of this trade and price action looks bullish.

(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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