Forex Review: Weeks 48 And 49

In this article I will provide my view on the EUR/CAD, AUD/USD, AUD/NZD and USD/CAD . These are the pairs that I am currently interested in or was interested in last week for trading with the clicking here .
This article will provide:

• The weekly currency chart for the analyzed pair.

• The weekly(decision) chart for the analyzed pair.

• Possible positions for the coming week and positions taken.

According to the TA Charts, the "Currency score" and the "Ranking & Rating list", all the pairs in the Top10 of the "Ranking & Rating list" are good to trade but for the JPY pairs they should be below the Upper Bollinger Band in the Weekly chart. See also my previous articles of this weekend.
There are some rules for taking positions according to the FxTaTrader Hybrid Grid Strategy. The strategy can open multiple positions of a currency pair but each currency may only be present once in the same direction in the pairs chosen for trading. It means that not all the possible positions of this coming week can be opened. For more information see Review FxTaTrader Strategy Wk 47/48 . Profit was made last week on 1 position.

The pair looks interesting in the last few weeks for going short. The pull back last week offered a good opportunity and profit was made on 1 position. However, it was a stronger pull back than expected. The Hybrid Grid Strategy is purely based on Technical analysis and even when there may be situations like last week where certain news is having a high impact the strategy should be solid enough to absorb most of this type of news in order to generate profit. Since the strategy is based on intra week trading the choices for the pairs are well evaluated making it possible to trade a pair during the whole week or even longer. Last week the strategy was put to the test by opening the 3rd and last position of the Hybrid Grid on this pair. This last position was placed around a crucial price, which was the last recent top at 1.4265. This was a pull back on Nov. 19 but the pair retreated again and continued the downtrend. Although many winning trades are generated when placing only the 1st trade, like last week with the AUD/USD, the strategy is based on an occasional pull back where the Daily and Weekly chart play an important part. This way it is possible to trade intra week and placing orders once a day after closing of the US session.

The situation is more or less similar to last week but unlike last week the pair is now back to the recent highs of the last 2 weeks. The monthly and weekly chart are also still showing strength for going short.

• In the daily chart the Ichimoku is meeting all the conditions.

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• The MACD is in negative territory but the histogram is showing weakness.

• The Parabolic SAR is long but showing the preferred pattern of lower stop loss on opening of new long and short positions.

Ranking and rating list Week 49
Rank: 26
Rating: =

The ranking and rating is looking neutral especially because the pair is looking bullish in the 4H. chart and neutral in the daily chart.

Total outlook: Down

AUD/USD

This pair will also be analyzed briefly, for more information read the article Review FxTaTrader Strategy Wk 45&46 . The pair looks interesting in the last few weeks for going short. Profit was made last week on 2 positions. The pair is still meeting all the conditions in the Daily chart and remains interesting in the coming week for taking positions. With the new recent low made last week and the indicators in the Daily chart being bearish it seems as if the downtrend will continue in the coming week.

• In the daily chart the Ichimoku is meeting all the conditions.

• The MACD is in negative territory and gaining strength.

• The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.

Ranking and rating list Week 49
Rank: 2
Rating: - - -

Total outlook: Down
Possible positions for coming week
AUD/NZD

This pair will also be analyzed briefly, if positions will be opened then it will be analyzed in for more detail next week. The pair looks interesting in the last few weeks for going short. With the new recent low made last week and the indicators in the Daily chart being bearish it seems as if the downtrend will continue in the coming week..

• In the daily chart the Ichimoku is meeting all the conditions.

• The MACD is in negative territory and gaining strength.

• The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.

Ranking and rating list Week 49
Rank: 8
Rating: - -

Total outlook: Down
USD/CAD

This pair will be analyzed in more detail. The situation compared to the last weeks has improved and the pair looks interesting for the Hybrid Grid strategy. After the strong pull back in the weekly chart during the last weeks the pair made a strong rebound in the last few days. The indicators are looking fine for going long and it seems as if the uptrend is resuming.

• As can be seen in the Currency Score chart in my previous article of this weekend Forex Weekly Currency Score Wk 49 , the CAD is having a score of 3 and the USD a score of 8. With a Currency score difference of 5 it is an interesting pair for going long.

• The position in the Ranking and Rating list in the last weeks also shows that the pair is attractive for taking long positions. In the current list of this weekend Forex Ranking & Rating Wk 49 the pair has a rank of 5. This list is used as additional information besides the Currency score and the Technical analysis charts.

• Besides the general information mentioned the outlook in the TA charts also makes it an attractive opportunity.

Ranking and rating list Week 49
Rank: 5
Rating: + +

Weekly Currency score: Up
Based on the currency score the pair looked interesting in the last 3 months. The USD is a stronger currency from a longer term view and currently having a currency score of 8. The CAD is an average performing currency from a longer term view and currently having a score of 3. Based solely on this information the pair looks interesting for going long.

Monthly chart: Up

• On the monthly(context) chart the indicators are looking reasonable for going long.

• The Ichimoku is looking fine except that the MA's are in the cloud and the crossing took place below the cloud.

• The MACD is in positive area and regaining strength.

• The Parabolic SAR is long showing the preferred pattern of higher stop loss on opening of new long and short positions.

• 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.

Weekly chart: Up

• On the weekly(decision) chart the indicators are looking strong for going long.

• The Ichimoku is meeting all the conditions.

• The MACD is in positive area and regaining strength.

• The Parabolic SAR is short but showing the preferred pattern of higher stop loss on opening of new long and short positions.

Daily chart: Up

• On the daily(timing) chart the indicators are looking strong for going long.

• The Ichimoku is meeting all the conditions.

• The MACD is in positive area and recovering of the last draw down.

• The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.

Total outlook: Up

USD/CAD Weekly chart
Although the explanation may seem simple and clear there is always risk involved. I added a 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".