Forex Technical Analyst Trader | Apr 27, 2015 01:47AM ET
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 but is having only a currency score of 5 at the moment. The EUR remains weak with a score of 1. With a Currency score difference of 4 and the NZD better classified it is an interesting pair.
Last week positions were opened for this pair but unfortunately there was news regarding the interest rate for the NZD which had a negative effect on the currency. Although the stop loss is not tight at all and placed on a crucial level, when news like this comes around after just entering a position it is an unlucky situation. The entered position did not get the chance to go in profit and was not able to absorb this type of news.
Postions were closed because the stop loss got hit and the pair does not look interesting anymore for the coming week.
Ranking and rating list Week 18
Rank: 19
Rating: =
Total outlook: Down
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 6. The AUD is a weak currency from a longer term perspective but is getting stronger also and has currently a score of 3. With a Currency score difference of 3 and the CHF better classified it is an interesting pair.
Last week positions were opened for this pair but unfortunately also for this pair there was news regarding the interest rate for the CHF which had a negative effect on the currency. Also here, although the stop loss is not tight at all and placed on a crucial level, when news like this comes around after just entering a position it is an unlucky situation. The entered position did not get the chance to go in profit and was not able to absorb this type of news.
Positions were closed because the stop loss got hit and the pair does not look interesting anymore for the coming week.
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.
Ranking and rating list Week 18
Rank: 20
Rating: =
Total outlook: Down
Possible positions for coming week
EUR/GBP
This pair will be analyzed in detail. The GBP found the uptrend again and the EUR remains weak from a longer term perspective. The pair is clearly in a downtrend and had a pullback in the last weeks. The downtrend seems to resume again in the Weekly and Daily chart. It is a pair to monitor in the coming week.
Ranking and rating list Week 18
Rank: 1
Rating: - - -
Weekly Currency score: Down
Based on the currency score the pair looked interesting in the last 3 months. The GBP is a strong currency from a longer term perspective and although the score was very low in the previous weeks it seems, based on the different TA charts, as if the currency will remain in the coming period at the right level. The EUR is a weak currency from a longer term perspective and had in the last weeks a score of 1 and 2. With currently a Score difference of 7 and the GBP being better classified it is an interesting pair for taking positions in the coming week.
Monthly chart: Down
Weekly chart: Down
Daily chart: Down
Total outlook: Down
EUR/GBP 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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