If you are considering trading EURUSD this week, you may look for opportunities to take a ride southwards. The technicals largely are in tow. [B]I may be wrong.[/B] Trade safe.
GBPUSD is in a corrective mood to the downside and there is likelihood of a bounce to the upside from around 1.32400. [B]I may be wrong.[/B] Trade safe.
The technicals point to further northward move on the cable. This is a much likely move to retest the resistance zone created on July 15. Trade safe.
I entered into the trade in friday with the weak nfp report. That day market had tricky price movement and yesterday ISM NON MANUFACTURING PMI made hugh impact on the market.
I turned my trade into profit with this
Very good to learn that your trade went well. Did you do a top-down analysis on the pair to get a clear view of the potential trade direction and a more favourable trade set-up? Trade safe.
I have just completed the weekly scan and analysis of the pairs on my watch list. Based on my six-step scan and analysis process, the following three pairs appear most feasible for me to trade during the week: AUDUSD, USDCAD and NZDUSD. Nevertheless, there is need to wait for further price action regarding NZDUSD, and this is why - representing my perspective on the pair.
NZDUSD: The pair is rated ‘B+’ overall on my system. On the weekly time frame, the pair has been on a downtrend since July 2014 until September 2015 when it moved upwards in an ascending channel. However, the channel has not broken the down trend market structure. Since the week beginning May 29, 2016 the pair has moved upwards to half-way of the channel, squeezing and limiting price action to that area. In that area, price has respected an ascending trend line within the main weekly ascending channel and has tested the upper trendline of the main weekly channel without breaching it. The recent price action on the weekly time frame has shown a disposition to the upside but there is a great amount of bear pressure as the candles formed have relatively long wicks on their upper ends. Thus, any rejection of the inner trendline within the main weekly channel is likely to see price test the lower trendline of the main weekly channel or at least the weekly support level around 0.72374 – 0.71398 giving the fact the high of the bull candle formed last week tested the weekly resistance zone around 0.73763 – 0.74896 but was pushed down by the bears to form a pin bar with a long upper wick. The technicals on the daily time frame point significantly to a southward mode. The main market structure is not yet broken, in fact the swing downwards created since July 11, 2014 which retraced upwards from the low created on September 29, 2016 has held within the 50 Fib level. From this level, recent price action on the daily time frame surged southwards with a strongly bearish tone. If the market structure is to hold, there is likely going to be a role flip to the downside. This is a situation that makes this pair rate B+ in my system as the weekly and daily technicals are not in sync even though the overall market structure agrees on further southwards market play. On the 4-hourly time frame, which is my set-up time frame, all technicals are synced for a southward drive of the pair. The order flow context is strongly influenced by the bears after the price rejected the immediate weekly resistance with the first price wave downwards on September 8, 2016. Price is now at the immediate support level on the 4-hourly time frame and a rejection of the level to the south is likely to target the next support level around 0.72374 which is in confluence with the monthly pivot. As the daily and 4-hourly technicals are in sync for a southward mode, a trade southward for a small profit and without lingering in the market is feasible.
I may be wrong. Trade safe
NZDUSD 4Hrly time frame outlook
Short-term outlook is bearish but a retracement to a first level upwards is preferable for entering a bearish trade.
I may be wrong. Trade safe.
[B]Just my 10 cents:[/B]
Learning to read the market - particularly in regard to market structure, order flow context and price action - is key to tracking and trapping the market. Trade safe.
Nevertheless, what traders make of the market and how they respond to it will depend largely on their trading styles, trading strategies, trading techniques and trading psychology. Trade safe.
If the pair manages to withstand the bulls’ pressure, it will open the way to test the support level at 1.12097. A successful breach of this level, 1.12097, will impose a bearish outlook, triggering a sell signal targeting the supports at 1.11883, 1.11776 and even lower at 1.11562. A protective stop loss at 1.12632 is highly recommended.
I am bullish on the USDCAD by my weekly technical analysis. Therefore, I will be interested in trading the pair northwards if it retraces to a level of interest, somewhere around the monthly pivot.
I may be wrong. Trade safe.
See attached.
USDCAD Watch
Loonie has moved further northwards in line with the overall technical tone. Trade safe.
See attached.
Technically cable is toned southwards, perhaps for a retest of the monthly pivot, which is in confluence with the immediate S/R zone on the 4H time frame. Trade safe.
EURUSD has continued ranging in a descending channel on the 4H time frame. This channel became operative on August 16. Trade safe.
After the weekly scan and analysis of pairs on my watch list, the following four pairs met the key criteria I use for selecting the most feasible pairs to trade with my trading style and techniques: AUDUSD, GBPNZD, GBPUSD and USDCAD. I will be bearish on aussie, cable and kiwi but bullish on loonie. What is your top-down outlook on the pairs you plan trading this week? Trade safe
Here’s why I hope to trade the USDCAD with a bullish bias this week.
The pair is rated ‘A’ overall on my system. On the weekly time frame the pair has been on an uptrend since August 2012. Even though a downtrend move commenced in January 2016, it did not break the market structure of primarily a market in an uptrend. The price action last week has strengthened the bullish impact with a strong and relatively big bull candlestick and price has largely respected the ascending channel began in May 2016. All the technicals support a further upward push. The same thing operates on the daily time frame. However, any rejection of a mini trendline to the downside may see a bearish mode for price to range around the immediate support just below the mini trendline before targeting a significant 4H support zone near the monthly pivot. I may be wrong. Trade safe.
The technical outlook on the EURUSD is mixed, the pair is in a ranging mode. Trade safe.
Price is now at an area of interest on AUDUSD. If the upper trend line of the channel adjoining the monthly pivot is breached to the downside on the 4Hrly time frame, that should be a good cue to trade southwards. See attached.
I may be wrong. Trade safe.
Note that the price has rejected the 61.8 Fib level.