Weekly Review Strategy: Week 23

In this article I will provide my view on the CHF/JPY, AUD/USD and the GBP/AUD. 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.

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Open/pending positions of last week

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 Jan 14 at 114,079 and the high of the day after at 138,870. The pair offered a good opportunity in week 19 week and (pending) orders have been opened for this pair. The CHF is a strong currency from a longer term perspective and has this week a currency score of 8. The JPY is a weak currency and has a currency score of 3 this week. With a currency score difference of 5 and the CHF better classified it is an interesting pair.

• On the weekly (decision) chart the indicators are looking strong for going long.
• In the weekly chart the Ichimoku is meeting all the conditions.
• The MACD is in positive area and the histogram is showing increase of momentum.
• The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.

Ranking and rating list Week 23
Rank: 6
Rating: + +

Total outlook: Up

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Possible position for coming week

AUD/USD

This pair will be analyzed in detail. The AUD found the downtrend again and the USD the uptrend last week. 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.

• As can be seen in the Currency Score chart in my previous article of this weekend the USD has a score of 7 and the AUD a score of 1.
• In the current Ranking and Rating list of this weekend the pair has a rank of 5. 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 23
Rank: 5
Rating: - - -

Weekly Currency score: Down
Based on the currency score the pair looked interesting in the last 3 months. The USD is a strong currency from a longer term perspective and after the pullback in the previous weeks it seems to pick up the uptrend again. The AUD 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 6 and the USD being better classified it is an interesting pair for taking positions in the coming week.

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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 the histogram seems to gain strength but it should cross by preference the signal line.
• The Parabolic SAR is not short but 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 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.

Total outlook: Down