Forex Technical Analyst Trader | Jul 19, 2015 12:55AM ET
NZD/USD
This pair will be analyzed in detail. After closing a short position in profit on July 13 because of the strong pullback another position has been opened on July 16 when the pair picked up the downtrend again this week. 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.
The NZD found the downtrend at the end of April and has since May known only currency scores of 3 or lower. The USD is clearly in an uptrend and is having almost all the time a currency score of 6 or higher since August 2014. Only during the pullback last May it had several times a score lower than 6 and succeeded to correct itself fast. The pair is clearly in a downtrend and it is gaining momentum.
Ranking and rating list Week 30
Rank: 4
Rating: - - -
Weekly Currency score: Down
Based on the currency score the pair looked interesting since the beginning of May. The USD is a strong currency from a longer term perspective and after the pullback in May it found the uptrend again. The NZD is a weak currency from a longer term perspective and is getting a lot weaker in the last weeks. 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.
Monthly chart: Dow
Weekly chart: Down
Daily chart: Down
Total outlook: Down
NZD/USD Weekly chart
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. However, last Thursday and Friday the pullback was very strong and the stop loss got hit.
The AUD is one of weakest currencies with a currency score of 3 after the CAD(2) and the NZD(1). The CHF is one of the stronger currencies with a score of 6 after the USD(7) and the GBP(8). The pair has a currency score difference of 3 and remains interesting for taking short positions when there comes an opportunity around.
Ranking and rating list Week 30
Rank: 14
Rating: -
Total outlook: Down
GBP/CAD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 29 where the pair was tipped for going long. A position was opened on July 14. 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 1,9554. The pair was already in an uptrend before breaking through this level but after the break it boosted up even further with last week gaining an astonishing 599 pips compared to the close of the previous 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. The GBP is an strong currency and has a currency score of 8 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 6 and the GBP being better classified it remains an interesting pair.
Ranking and rating list Week 30
Rank: 2
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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