Forex Technical Analyst Trader | May 24, 2015 01:31AM ET
CHF/JPY
This pair will be analyzed briefly. For more information, read the article Weekly Review Strategy, Week 20, where the pair was tipped for going long. The pair found the uptrend again in week 18 after a strong pullback in March and April. The pair found support around the 23,6% Fibo level measured from the low of January 14th at 114,079 and the high of the day after at 138,870. The pair offered a good opportunity in week 19 and (pending) orders have been opened for this pair. The CHF is a strong currency from a longer term perspective and has a currency score of 6. The JPY is a weak currency and has a currency score of 1 for several weeks. With a Currency score difference of 5 and the CHF better classified, it is an interesting pair.
Although the pair is showing strength in the Weekly chart, it is consolidating in the Daily and 4 Hour chart. The Ranking and Rating list shows a rank of only 27. If the pair reverses, it will be most probably of a temporary nature. A stop loss has been placed on the open position, as usual, just in case of a stronger pullback.
Ranking and Rating List, Week 22
Rank: 27
Rating: =
Total outlook: Up
Possible position 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 22
Rank: 3
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 March, 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 strong pullback. It seems that the pullback is over and this offers an opportunity. With currently a Score difference of 5 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
GBP/AUD
This pair will be analyzed briefly. For more information, read the article Weekly Review Strategy, Week 21, where the pair was tipped for going long. The pair found the uptrend again in week 18 after a strong pullback in March and April. The pair found support around the 38,2% Fibo level measured from the low of January 20th at 1,83416 and the high of February 2nd at 2,0028. The pair looks interesting in the last 2 weeks and it seems to pick up the uptrend again.
Ranking and Rating List, Week 22
Rank: 4
Rating: + +
Total outlook: Up
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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