Weekly Review Strategy: Week 17
Forex Technical Analyst Trader | Apr 19, 2015 01:05AM ET
In this article I will provide my view on the EUR/NZD, AUD/CHF and the AUD/NZD. 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
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 8. The EUR remains weak with a score of 1. With a Currency score difference of 7 and the NZD better classified it is an interesting pair.
One short position was closed 2 weeks ago with a profit of 190 pips (1/2 Weekly ATR) and the pair continued to go down. The downtrend is still strong but with the sharp decline last weeks and price being around the previous bottom of March 23 at 1,4129 a technical correction took take place in the last weeks. It seems as if this pullback is about to end and next week the downtrend may resume again. Pending orders have been opened for this pair.
- 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 with the histogram showing an increase of 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 17
Rank: 1
Rating: ---
Total outlook: Down
Possible positions for coming week
AUD/CHF
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 15 where the pair was tipped for going short. The CHF is an average currency from a longer term perspective but is getting stronger lately and has currently a score of 7. The AUD remains weak with a score of 2 this week. With a Currency score difference of 5 and the CHF better classified it is an interesting pair.
The pair found the downtrend in March but was consolidating a few weeks ago. It seems as if the consolidation is ending and downtrend may resume again in the coming week.
- 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 but consolidating with the MACD above the signal line and weakness in the histogram.
- The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.
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Ranking and rating list Week 17
Rank: 4
Rating: - -
Total outlook: Down
AUD/NZD
This pair will be analyzed in detail. The NZD remains strong and the AUD remains weak from a longer term perspective. The pair is clearly in a downtrend and had a light pullback in the last weeks. The downtrend seems to resume again but momentum should be stronger in the daily chart. It is a pair to monitor in the coming week.
- As can be seen in the Currency Score chart in my previous article of this weekend the NZD has a score of 8 and the AUD a score of 2.
- In the current Ranking and Rating list of this weekend the pair has a rank of 3. 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 this an attractive opportunity.
Ranking and rating list Week 17
Rank: 3
Rating: - - -
Weekly Currency score: Down
Based on the currency score the pair looked interesting in the last 3 months. The NZD is a strong currency from a longer term perspective and had in the last weeks a score between 6 and 8. The AUD is a weak currency from a longer term perspective and had in the last weeks a score between 1 and 3. With currently a Score difference of 6 it is an interesting pair for taking positions in the coming week.
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 and gaining strength.
- 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 strong for going short.
- The Ichimoku is meeting almost all of the conditions.
- The MACD is in negative area but with the MACD above the signal line and a weak histogram with lack of momentum.
- 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/NZD 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".
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