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.
I have an abbreviated report this week. Back to full service next week.
- Wait DXY. – MT is bear normal. While we remain in a bear MT price action is suggestive that we are back in a range trading environment. The key developments for the dollar are firstly that the US did not go ahead with Tariffs on Mexico, and secondly Retail Sales data came in strong. This week we have an important FOMC meeting where the Fed is expected to move from their current patient stance to a more dovish one.
- Sell GBP/USD. – MT is bear normal. Sentiment remains bearish GBP. This is despite the BOE likely to indicate that they are more likely to raise than cut rates in this weeks meeting.
- Sell USD/JPY. – MT is bear normal. Rising stocks have put a halt to downward momentum, though we still remain in the bear MT.
- Sell AUD/USD. – MT is sideways normal. Concerns around China, weak Aussie data and an RBA in the midst of a rate cutting cycle are all factors driving AUD lower.
- Wait EUR/USD. – MT is sideways normal. We have moved back into a sideways MT. A re-test of the support near 1.1150 is not out of the question.
- Wait NZD/USD. – MT is sideways normal. A raft of poor data from NZ and China saw the Kiwi sell of dramatically.
- Sell USD/CHF. – MT bear normal. Watch-out for a resumption of the downtrend if stocks sell-off.
- Wait USD/CAD. – MT is sideways normal. Despite better fundamentals out of Canada, positive USD sentiment has seen support hold and the pair is back firmly within the range.
- Buy EUR/GBP. – MT is bull normal. No reversal signals yet.
Crosses
- Wait EUR/CHF. – MT is sideways normal.
- Sell AUD/JPY. – MT is bear normal.
- Sell NZD/JPY. – MT is bear normal.
- Sell GBP/JPY. – MT is bear normal.
- Wait EUR/JPY. – MT is sideways normal.
- Wait CAD/JPY. – MT is sideways normal.
- Wait CHF/JPY. – MT is sideways normal.
- Wait GBP/NZD. – MT is sideways normal.
- Buy EUR/NZD. – MT is bull normal.
- Wait AUD/NZD. – MT is sideways normal.
- Buy EUR/AUD. – MT is bull quiet.
- Wait GBP/AUD. – MT is sideways normal.
- Wait AUD/CAD. – MT is sideways normal.
- Sell GBP/CAD. – MT is bear normal.
- Wait EUR/CAD. – MT is sideways quiet.
- Sell NZD/CAD. – MT is bear normal.
- Sell GBP/CHF. – MT is bear normal.
- Sell CAD/CHF. – MT is bear normal.
- Sell NZD/CHF. – MT is bear normal.
- Sell AUD/CHF. – MT is bear normal.
Other Markets
- Buy Gold. – MT is bull normal.
- Sell Oil. – MT is bear normal.
- Wait S&P 500. – MT is bear volatile.
- Wait DAX. – MT is sideways normal.
- Wait Nikkei. – MT is sideways normal.
- Buy T-Notes. – MT is bull normal.
View bank reports and fundamental analysis in the chatroom (members only)
Economic calendar for the week ahead:
(MT = Market Type: Click for more information on market types.)
About the Author
Sam Eder is a currency trader and author of The Consistent Trader and the Advanced Forex Course for Smart Traders (get free access). He is the owner of www.fxrenew.com a provider of Forex signals from ex-industry traders (get a free trial). If you like Sam’s writing you can subscribe to his newsletter.