In this article I will provide my view on the CHF/JPY, NZD/USD and the GBP/AUD. These are the pairs that I am currently interested in or was interested in last week for trading with the FxTaTrader weekly strategy. I will pick one to analyse in more detail from the pairs that have not been discussed yet recently.
Open/pending positions of last week
CHF/JPY
This pair will be analyzed in detail. The pair was tipped for going long in the article Weekly Review Strategy Wk20. Last week the pair had a pullback and recovered partly being below the recent highs. The 4 Hour chart looks Neutral at the moment while all the other charts remain positive. However, weakness in the 4 Hour chart with a double or lower top in the Daily chart will be the moment when the open position will be closed as a precaution.
From a longer term view the pair found the uptrend again in week 18 after a strong pullback in March and April. The pair found support around the 23,6% Fibo level measured from the low of Jan 14 at 114,079 and the high of the day after at 138,870. The pair offered a good opportunity in week 19 week and (pending) orders have been opened for this pair.
[ul]
[li]As can be seen in the Currency Score chart in my previous article of this weekend the CHF has a score of 7 and the JPY a score of 3.[/li][li]In the current Ranking and Rating list of this weekend the pair has a rank of 10. This list is used as additional information besides the Currency score and the Technical Analysis charts.[/li][li]Besides the general information mentioned the outlook in the TA charts also makes this an attractive opportunity.[/li][/ul]
Ranking and rating list Week 25
Rank: 10
Rating: + +
Weekly Currency score: Up
Based on the currency score the pair looked interesting in the last 3 months. The CHF is a strong currency from a longer term perspective and had in the last months a score of of 6 to 8. The JPY is a weak currency from a longer term perspective and had in the last months a score of 1 to 3. With currently a Score difference of 5 and the CHF being better classified it is an interesting pair for taking positions in the coming week.
Monthly chart: Up
[ul]
[li]On the monthly(context) chart the indicators are looking strong for going long.[/li][li]The Ichimoku is meeting all the conditions.[/li][li]The MACD is in positive area and gaining momentum.[/li][li]The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.[/li][li]Since the monthly chart is used to get the context how that pair is developing for the long term the indicators are looking fine because they are showing strength in the current uptrend.[/li][/ul]
Weekly chart: Up
[ul]
[li]On the weekly(decision) chart the indicators are looking strong for going long.[/li][li]The Ichimoku is meeting all the conditions.[/li][li]The MACD is in positive and the histogram is showing increase of momentum.[/li][li]The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.[/li][/ul]
Daily chart: Up
[ul]
[li]On the daily(timing) chart the indicators are looking strong for going long.[/li][li]The Ichimoku is meeting all the conditions.[/li][li]The MACD is in positive area but the histogram is consolidating.[/li][li]The Parabolic SAR is short but showing the preferred pattern of higher stop loss on opening of new long and short positions.[/li][/ul]
Total outlook: Up
CHF/JPY Weekly chart
Possible positions for coming week
GBP/AUD
Last week the pair succeeded to break through the highs of last February and close above them in the Weekly chart. The pair definitely seems a strong buy opportunity for the coming week. For more information read the article Weekly Review Strategy Wk21 where the pair was tipped for going long.
From a longer term perspective the pair found the uptrend again in week 18 after a strong pullback in March and April. The pair found support around the 38,2% Fibo level measured from the low of Jan. 20 at 1,83416 and the high of Feb. 2 at 2,0028. The pair looks interesting in the last 4 weeks and it seems to pick up the uptrend again.
[ul]
[li]On the weekly(decision) chart the indicators are looking strong for going long.[/li][li]In the weekly chart the Ichimoku is meeting all the conditions.[/li][li]The MACD is in positive area and the histogram is showing strength.[/li][li]The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.[/li][/ul]
Ranking and rating list Week 25
Rank: 2
Rating: + + +
Total outlook: Up
NZD/USD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk24 where the pair was tipped for going short. The pair looks interesting for taking short positions. It succeeded to break through the lows of February and March and the Daily chart is showing increase of momentum. It is a good opportunity for taking positions. The pair is however outside the Bollinger Band in the Weekly chart so it seems best to wait for a pullback.
The NZD is an average currency and has the lowest currency score at the moment of all currencies. The USD has a pullback with a score of only 5. Both currencies are at the moment below their Currency Score classification level. With a score difference of 4 and the USD being better classified it remains an interesting pair.
[ul]
[li]On the weekly(decision) chart the indicators are looking strong for going short.[/li][li]In the weekly chart the Ichimoku is meeting all the conditions.[/li][li]The MACD is in negative area and the histogram is showing increase of momentum.[/li][li]The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.[/li][/ul]
Ranking and rating list Week 25
Rank: 7
Rating: - -
Total outlook: Down
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