Forex Technical Analyst Trader | Feb 15, 2015 01:15AM ET
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.h3 Open/pending positions of last week/h3
AUD/USD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 4 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.
Ranking and rating list Week 07
Rank: 4
Rating: - - -
Total outlook: Down
EUR/GBP
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 5 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.
Ranking and rating list Week 07
Rank: 3
Rating: - - -
Total outlook: Down
h3 Possible positions for coming week/h3
EUR/NZD
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.
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.
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
Weekly chart: Up
Daily chart: Up
Total outlook: Up
GBP/JPY Weekly chart
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