Forex Technical Analyst Trader | Jul 12, 2015 04:13AM ET
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
AUD/CHF
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 28 where the pair was tipped for going short. A position has been opened for this pair. The AUD is the weakest currency with a currency score of 1 and the CHF is at the moment one of the strongest currencies with a score of 7. The pair succeeded to break through the recent lows around 0,7090 and this offered an opportunity. A position has been opened on July 7 at 0,7044. The pair may continue the downtrend towards the low of January 15 at 0,6832.
Ranking and rating list Week 29
Rank: 3
Rating: - - -
Total outlook: Down
h3 Possible positions for coming week/h3GBP/CAD
This pair will be analyzed in detail. 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 last week at 1,9637. 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 is again picking up the downtrend after the pullback that started in February and March.
Ranking and rating list Week 29
Rank: 6
Rating: + +
Weekly Currency score: Up
Based on the currency score the pair looked interesting since the beginning of June. The GBP is a strong currency from a longer term perspective. The CAD is an average currency from a longer term perspective and it became weaker in the last few weeks. 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: Up
Weekly chart: Up
Daily chart: Up
Total outlook: Up
GBP/CAD 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".
DISCLAIMER: The articles are my personal opinion, not recommendations, FX trading is risky and not suitable for everyone.The content is for educational purposes only and is aimed solely for the use by ‘experienced’ traders in the FOREX market as the contents are intended to be understood by professional users who are fully aware of the inherent risks in forex trading. The content is for 'Forex Trading Journal' purpose only. Nothing should be construed as recommendation to purchase any financial instruments.
/h3
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.