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.
- Short GBP/USD. Off the edge – MT is sideways quiet. The range is holding for now. A opportunity for a small short here based on a bearish engulfing candle after resistance was taken out and reversed twice last week. Not much on the UK calendar this week.
- Short USD/JPY. Breakout – MT is fast bear. We turned bearish on Friday in response to the stock market rout. Caution advised as stock market sell-offs have been brought aggressively for the last few years.
- Waiting AUD/USD. – MT is sideways normal. Sideways MT persists so wait for now.
- Long EUR/USD. Trend – MT is fast bull. We are still within a broader sideways range so caution advised. Prefer to stalk entries on a lower time-frame. Jackson Hole Symposium this week, but not sure if we will get any more clarity of a rate hike in September. My preference is for a rate hike as they have been talking about it for a long-time and data is supportive enough.
- Waiting NZD/USD. – MT is sideways normal. NZD strong last week but the sideways range still holding.
- Waiting USD/CHF. – MT is bull volatile. Almost a bear market, so if you want to stalk shorts it is not a bad idea.
- Long EUR/CHF. Trend – MT is bull normal. Continue to buy. I think we should be the price back up at 1.22 eventually. Swiss finance minister was talking these levels this week.
- Waiting USD/CAD. – MT is sideways normal. CAD should continue to come under pressure but wait for the breakout of the range.
- Long EUR/GBP. Trend – MT is fast bull. Stalk entries on a lower time-frame.
- Waiting AUD/JPY. – MT is sideways normal. Wait one more day for bear market type to be confirmed and support to be broken.
- Waiting NZD/JPY. – MT is sideways normal. Possibly look for a short breakout lower.
- Short GBP/JPY. Breakout – MT is bear normal. Go short with caution.
- Long EUR/JPY. Trend – MT is bull normal. Continue to buy. This could go a long way if the stock market recovers.
- Waiting GBP/NZD. – MT is sideways normal. Wait for now.
- Long EUR/NZD. Trend – MT is bull normal. Continue to buy. There is a decent opportunity here if the NZDUSD sells off at resistance.
- Waiting AUD/NZD. – MT is sideways volatile. Continue to wait for the price to get to 1.0900 for a long-term buy.
- Long EUR/AUD. Trend – MT is fast bull. Stalk an entry on a lower time-frame.
- Waiting GBP/AUD. – MT is sideways normal. Wait for now
- Waiting AUD/CAD. – MT is sideways volatile. Stay out for now.
- Long GBP/CAD. Trend – MT is bull normal. Bull normal market type beginning. This could be a good buy with macro’s supportive.
- Long EUR/CAD. Trend -MT is fast bull. Stalk on a lower time-frame be wary of reversals.
- Long NZD/CAD. Trend – MT is fast bull. Look on lower time-frames to time an entry.
- Short CAD/JPY. Breakout – MT is fast bear. Stalk on a lower time-frame.
- Long CHF/JPY. Trend – MT is bull normal. Could be a good long here if the stock market recovers.
- Waiting GBP/CHF. – MT is bull volatile. Similar to USDCHF, perhaps stalk shorts.
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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