In this article I will provide my view on the EUR/NZD, EUR/GBP, AUD/USD and the GBP/JPY. 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
AUD/USD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk04 where the pair was tipped for going short. In week 4 the pullback offered a good opportunity and 2 positions have been opened. Profit was made on 1 positon of 1/2 Weekly ATR (88 pips) and another position remains open with a trailing stop. At the moment this open position has gained 191 pips. The pair is consolidating in the daily chart and this may continue in the coming week.
[ul]
[li]In the weekly chart the Ichimoku is meeting all the conditions.[/li][li]The MACD is in negative area and gaining strength.[/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 07
Rank: 4
Rating: - - -
Total outlook: Down
[B]EUR/GBP
[/B]This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk05 where the pair was tipped for going short. The pair broke through the bottom of 0,7750 that was there since the year 2008. It is a pair to monitor in the coming period but for the FxTaTrader strategy other pairs will be chosen in the coming week and the pending orders will be closed. According to the FxTaTrader strategy a currency may only be present once in the pairs for trading. The GBP/JPY and the EUR/NZD are looking interesting also and have the preference in the coming week.
[ul]
[li]In the weekly chart the Ichimoku is meeting all the conditions.[/li][li]The MACD is in negative area and gaining strength.[/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 07
Rank: 3
Rating: - - -
Total outlook: Down
Possible positions for coming week
[B]EUR/NZD
[/B]This pair will be analyzed briefly. If positions will be opened in the coming week then it will be analyzed in more detail next week. The NZD is a stronger currency from a longer term perspective but had a pullback in the last period. However, it seems to be gaining strength again in the last 2 weeks with a score of 5. The EUR remains weak with a score of 2. The NZD is a stronger currency from a longer term perspective and the EUR a weaker currency. A Currency score difference of 3 is with the mentioned classifications fine and the NZD seems to be recovering also. For these reasons the pair offers an opportunity in the coming week.
[ul]
[li]In the weekly chart the Ichimoku is meeting all the conditions.[/li][li]The MACD is in negative area and it seems as if the consolidation is ending.[/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 07
Rank: 9
Rating: -
Total outlook: Down
GBP/JPY
This pair will be analyzed in detail. The GBP/CAD, GBP/AUD and GBP/JPY are all looking interesting. The AUD is already traded with the USD so no other pairs with the AUD will be opened. The CAD had in the last period 2 setups of 3 positions to be closed because of the stop loss getting hit. This currency will be avoided in the coming period.
The GBP/JPY is the interesting pair and it seems as if the pullback has ended and it is again on the way up. A good opportunity may be when the pair tests again the 181,00 support level which was tested succesfully last week also.
[ul]
[li]As can be seen in the Currency Score chart in my previous article of this weekend the GBP is having a score of 8 and the JPY a score of 4.[/li][li]In the current Ranking and Rating list of this weekend the pair has a rank of 7. 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 it an attractive opportunity.[/li][/ul]
Ranking and rating list Week 07
Rank: 7
Rating: + +
Weekly Currency score: Up
Based on the currency score the pair looked interesting in the last 3 months. The GBP is an average performer from a longer term perspective and currently has a score of 8. It is clearly getting stronger lately. The JPY is a weaker currency from a longer term perspective and currently has a score of 4. It is getting weaker again after the highest score of 6 in the week of Sunday January 25. With a Currency score difference of 4 and the GBP being better classified it is an interesting pair for taking postions 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 but started to consolidate.[/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 area and it seems to have almost finished 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]
Daily chart: Up
[ul]
[li]On the daily(timing) chart the indicators are looking reasonable for going long.[/li][li]The Ichimoku is not yet meeting all the conditions. Price is within the cloud and the crossing of the MA’s took place below the cloud.[/li][li]The MACD is in positive area and gaining strength.[/li][li]The Parabolic SAR is long and almost showing the preferred pattern of higher stop loss on opening of new long and short positions because of price making a latest high.[/li][/ul]
Total outlook: Up
[B]
GBP/JPY Weekly chart
[/B]If you would like to use this article then mention the source by providing the URL [FxTaTrader.com](file:///C:/Users/portiz/Dropbox/TIS/Dropbox/Forex/_SocialMedia/Blog/2015/W05/FxTaTrader.com)or the direct link to this article. Good luck in the coming week and don’t forget to check my weekly Forex “Ranking and Rating list” and the “Currency Score”.
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