I have just completed the weekly scan and analysis of the pairs on my watch list. Only three pairs made the grade for the week; these are: AUDUSD, NZDUSD and USDCAD. I will look for long trades on USDCAD while I will be bearish on AUDUSD and NZDUSD.
My trading strategy is linked to tracking and trapping the market, therefore one of the things I have been working upon in the past few months is to better read and understand the market - particularly in regard to market structure, order flow context and price action. Trade safe.
I am bearish on GBPNZD and will look to trading it southwards if it breaks the micro trendline on the 4H time frame targeting 1.67533 which is in the region of the weekly support and was last visited on August 16. Otherwise, if it breaks the mini trendline on the 4H time frame northwards I will wait for it to retest the mini trendline on the daily time frame near the 50.0 Fib and then look to short it from there.
I am tracking the loonie (USDCAD) and if it retests the 61.8 Fib from the most recent swing to the downside and this is successfully done, I will will drive southward with it and target the next significant support zone adjoining the monthly pivot.
I will be looking to trade USDCAD northward this week. The pair continues its ascent. On the 4H time frame, although, the most recent high of 1.33122 was formed on Friday October 8, 2016 by the penultimate candlestick, the last candlestick has made a bullish push apparently for a further northward drive.
For more details on USDCAD technical analysis, visit top-down outlook.
I am now tracking EURJPY as it is on an upward retracement within the channel on the 4H time frame. If it bounces off the upper trendline, which is proximal to the 76.4 and 61.8 Fib levels, I will be interested in a southward drive with it.
During the week I will be looking to trading EURGBP, GBPUSD and GBPAUD. While I am largely bearish on both GBPUSD and GBPAUD, my bearish outlook on the EURGBP is only for the short term. It seems that after a retracement southwards, the potential for EURGBP to head north may be in play. Trade safe.
I will be reducing the number of pairs on my watch list and use the power of compounding to make the most of the trading opportunities I get from the few pairs that satisfy my trading criteria. Trade safe.