Forex Technical Analyst Trader | Jul 05, 2015 03:57AM ET
In this article I will provide my view on the GBP/AUD, NZD/USD, GBP/CAD and the AUD/CHF. These are the pairs that I am currently interested in or was interested in last week for trading with the click here for more information. At the time of closing the pair looked weak with the 4 Hour and Daily chart showing some weakness and as a precaution the position was closed. However the pair succeeded in making new highs. At the moment the pair is outside the Bollinger Band in the Weekly chart and it seems overbought.
From a longer term perspective 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 Jan. 20 at 1,83416 and the high of Feb. 2 at 2,0028. The pair looks interesting in the last 5 weeks and it is clearly in an uptrend.
Ranking and rating list Week 28
Rank: 3
Rating: + +
Total outlook: Up
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NZD/USD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 24 where the pair was tipped for going short. A position has been opened for this pair. The NZD is the weakest currency with a currency score of 1 and the USD is at the moment the strongest currency with a score of 8. The pair broke through the most recent lows around 0,6785 and had a pullback to that level which is now a resistance level. This offered an opportunity and a position has been opened. If you are interested in the trades click here.
From a longer term perspective the pair succeeded on May 29 to close and break through the lows of February and March around 0,7170. Since then it remains an interesting pair for taking short positions.
Ranking and rating list Week 28
Rank: 2
Rating: - - -
Total outlook: Down
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Possible positions for coming week
GBP/CAD
This pair will be analyzed briefly, The pair is clearly in an uptrend and it is gaining momentum. From a longer term perspective it broke through a previous significant top of February 24 at 1,9556 and it closed slightly higher at 1,9561. It is a pair to monitor in the coming week. When trading with the CAD I also check the Weekly Crude Oil chart and this one looks like it is picking up again the downtrend any time soon in the coming period after the pullback that started in February and March.
The GBP is an strong currency and has a currency score of 7 at the moment. The CAD is an average currency and is one of the weakest currencies at the moment with a score of 2. With a score difference of 5 and the GBP being better classified it remains an interesting pair.
Ranking and rating list Week 28
Rank: 9
Rating: + +
Total outlook: Up
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AUD/CHF
This pair will be analyzed in detail. The pair succeeded last week to break through the recent lows and this offers an opportunity. The pair may continue the downtrend towards the low of January 15 at 0,6832.
Ranking and rating list Week 28
Rank: 6
Rating: - -
Weekly Currency score: Down
Based on the currency score the pair looked interesting since the beginning of March. The CHF is a strong currency from a longer term perspective. The AUD is a weak currency from a longer term perspective. With currently a Score difference of 3 and the CHF being better classified it is an interesting pair for taking positions in the coming week.
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Monthly chart: Down
Weekly chart: Down
Daily chart: Down
Total outlook: Down
AUD/CHF Weekly chart
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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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