Weekly Review Strategy Week 14: EUR/NZD In Strong Downtrend
Forex Technical Analyst Trader | Mar 29, 2015 01:03AM ET
In this article I will provide my view on the EUR/NZD and the AUD/USD. 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
EUR/NZD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 13 where the pair was tipped for going short. The NZD is a stronger currency from a longer term perspective with a score of 6. The EUR remains weak with a score of 2. With a Currency score difference of 4 and the NZD better classified it is an interesting pair.
The downtrend is still strong but there is a pullback in the last few days offering an opportunity. One position was opened last week and it missed the profit target by 10 pips last Friday. The pair recovered significant but seems to have found the downtrend again at the end of the trading session last Friday.
- On the weekly(decision) chart the indicators are looking strong for going short.
- In the weekly chart the Ichimoku is meeting all the conditions.
- The MACD is in negative area and gaining momentum.
- 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 14
Rank: 9
Rating: - -
Total outlook: Down
h3 Possible positions for coming week/h3AUD/USD
This pair will be analyzed in detail. The USD is a stronger currency from a longer term perspective with a score of 7. The AUD remains weak with a score of 3. The pair had during the last weeks a pullback. It seems as if this is ending and the downtrend can resume again soon. The 4 hour chart is starting to look interesting again for going short.
- As can be seen in the Currency Score chart in my previous article of this weekend the USD is having a score of 7 and the AUD a score of 3.
- In the current Ranking and Rating list of this weekend the pair has a rank of 6. 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 14
Rank: 6
Rating: - -
Weekly Currency score: Down
Based on the currency score the pair looked interesting in the last 3 months. The USD is a stronger currency from a longer term perspective and had in the last weeks a score of 7 and 8. The AUD is a weaker currency from a longer term perspective and had in the last weeks a score between 1 and 4. The currency remains weak and it seems to stay this way in the coming period. With currently a Currency Score difference of 4 and the USD being better classified it is an interesting pair for taking positions in the coming week.
Get The News You Want
Monthly chart: Down
- On the monthly(context) chart the indicators are looking strong for going short.
- The Ichimoku is meeting all the conditions.
- The MACD is in negative area 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.
- 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 downtrend.
Weekly chart: Down
- On the weekly(decision) chart the indicators are looking strong for going short.
- The Ichimoku is meeting all the conditions.
- The MACD is in negative area but consolidating because of the current pullback.
- The Parabolic SAR is short showing the preferred pattern of lower stop loss on opening of new long and short positions.
Daily chart: Down
- On the daily(timing) chart the indicators are looking reasonable for going short.
- The Ichimoku is meeting almost all the conditions. The MA's are almost crossing. However, the pair broke through both MA's.
- The MACD is in negative but making higher bottoms because of the recent pullback.
- The Parabolic SAR is long but showing the preferred pattern of lower stop loss on opening of new long and short positions.
Total outlook: Down
AUD/USD Weekly chart
If you would like to use this article then mention the source by providing the URL 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".
DISCLAIMER: The articles are my personal opinion, not recommendations, FX trading is risky and not suitable for everyone.The content is for educational purposes only and is aimed solely for the use by ‘experienced’ traders in the FOREX market as the contents are intended to be understood by professional users who are fully aware of the inherent risks in forex trading. The content is for 'Forex Trading Journal' purpose only. Nothing should be construed as recommendation to purchase any financial instruments.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.