Forex Technical Analyst Trader | Jan 18, 2015 02:45AM ET
In this article I will provide my view on the EUR/NZD and the NZD/CAD. These are the pairs that I am currently interested in or was interested in last week for trading with the FxTaTrader strategy. I will pick one to analyze in more detail from the pairs that have not been discussed yet recently.
- All trades are based on specific rules according to the strategy.
This article will provide:
Because of the exceptional event last week with the CHF pairs containing this currency can best be avoided in the coming period. More news about this can be found on many FX websites like FxStreet, Investing, MyFxBook etc. For this reason I will use this week the Top 15 instead of the Top 10 of the Ranking and Rating list to look at the interesting pairs.
According to the TA Charts, the "Currency score" and the "Ranking & Rating list" all the pairs in the Top 15 of the "Ranking & Rating list" are good to trade but the following pairs are not (yet) qualified according to the FxTaTrader Strategy rules or because of the exceptional event last week with the CHF.
When trading according to the FxTaTrader Hybrid Grid Strategy some rules are in place. For more information see the page on my blog FxTaTrader Hybrid Grid Strategy. Depending on the opportunities that may come up the decision to trade a currency may become more obvious at that moment.
Open/pending positions of last week
EUR/NZD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 1 where the pair was tipped for going short. Last week appeared to be again an unlucky week for opening short positions on this pair. The pull back was taking place during the week and the pair even came inside the Weekly Bollinger Band. However, everything changed on Thursday because of the exceptional event that took place with the CHF and the pair is again far away of the Bollinger Band. No positions have been opened. For the coming week the EUR and CHF pairs will be avoided with the Weekly strategy because of the high volatility.
Ranking and rating list Week 3
Rank: 9
Rating: - -
Total outlook: Down
Possible positions for coming week
NZD/CAD
This pair will be analyzed in detail. The pair had a strong rally in the last few weeks and the Weekly chart has improved significant. It also has a lot of space to go up to the last high at 0,9655.
Ranking and rating list Week 03
Rank: 14
Rating: + +
Weekly Currency score: Up
Based on the currency score the pair looked interesting in the last 3 months. The NZD is a stronger currency from a longer term perspective and currently having a currency score of 6. The CAD is an average currency from a longer term perspective and currently having a score of 2. Based solely on this information the pair does look interesting for going long in the coming week.
Monthly chart: Up
Weekly chart: Up
Daily chart: Up
Total outlook: Up
Although the explanation may seem simple and clear there is always risk involved. I added a 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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