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.
- Waiting GBP/USD. – MT is sideways normal. Sideways volatile market types has died down to sideways normal. Next week we have BOE MPC minutes to watch out for but the range is likely to hold for now.
- Waiting USD/JPY. – MT is sideways normal/ volatile. Price action is still mixed and next weeks US NFP report is going to be of significance. Wait for now.
- Short AUD/USD. Trend – MT is bear normal. We are close to turning sideways so continue with a cautious short strategy.
- Waiting EUR/USD. – MT is sideways normal. Price action is mixed and while long-term the view remains bearish, short-term a lot will depend on NFP this week after the fed continue to signals that a rate raise in September will be Job and inflation data dependent.
- Waiting NZD/USD. – MT is sideways normal. There was a long-term selling opportunity on Wednesdays pin candle after the price popped up on RBNZ Wheeler’s speech. The outlook for NZ is deteriorating conditions, with milk prices in a pretty terrible state and further rate cuts on the cards. We have now entered a sideways MT so opportunity is either short from the top of the range or on a breakout lower.
- Long USD/CHF. Trend – MT is bull normal. With the Greece issue settling down (for now) and a central bank that wants a weaker CHF we continue to want to buy this pair.
- Long EUR/CHF. Trend – MT is bull normal. Continue long after the breakout has held after the first retest of the range.
- Long USD/CAD. Trend – MT is bull normal. After a pullback earlier in the week the resumption of the downtrend in Oil along with some negative data continues to put pressure on the CAD. Continue to buy.
- Waiting EUR/GBP. – MT is sideways volatile. We almost had a key reversal day on Tuesday and this has lead to further selling. A bounce after the ECI data was release has been sold into. Prefer shorts but as the MT is sideways we trade with caution and stay out for now.
- Waiting AUD/JPY. – MT is sideways normal. MT turned sideways so wait for now.
- Waiting NZD/JPY. – MT is sideways normal. Similar price action to the NZDUSD and prefer to wait now the sideways MT is established.
- Waiting GBP/JPY. – MT is sideways normal. Wait for now.
- Short EUR/JPY. Off the Edge – MT is sideways normal. Opportunity for a short off the edge of the range in a sideways MT here.
- Long GBP/NZD. Trend– MT is bull normal. Bull normal MT is just holding. Buy with caution.
- Waiting EUR/NZD. – MT is sideways normal. The sideways range is persisting. Stay out for now.
- Waiting AUD/NZD. – MT is sideways volatile. Weekly pin candle suggests a buy but daily price action is mixed. Prefer longs but best to wait for now.
- Waiting EUR/AUD. – MT is sideways normal. Hard to pick as there are a lot of conflicting patterns across timeframes with a possible double top forming on the weekly chart and bearish reversal week. Daily chart is almost a bull normal. Wait for now.
- Long GBP/AUD. Trend – MT is bull normal. Continue to buy but be wary of a spinning top on both daily and weekly charts.
- Waiting AUD/CAD. – MT is sideways volatile. Stay out for now.
- Long GBP/CAD. Trend – MT is normal bull. Look to buy as falling oil prices have lead to new multi-year highs.
- Waiting EUR/CAD. -MT is bull normal. But a key reversal day and bearish sentiment on the euro suggest might be best to wait.
- Waiting NZD/CAD. – MT is sideways normal. Wait for now.
- Waiting CAD/JPY. – MT is sideways normal. So wait for now.
- Waiting CHF/JPY. – MT is sideways normal. Wait for now.
- Long GBP/CHF. Trend– MT is bull normal. Look to buy
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 the owner of www.fxrenew.com. If you like Sam’s writing you can subscribe to his newsletter.
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