I plan my trading for the week ahead each weekend. Here are the Forex trading opportunities I will be stalking this week.

Note that this is my current view, but if market conditions change my view can change too. Generally I will trade in alignment with what I have noted here, though I will wait for a set-up before I enter. I base my view on technical and fundamental information. This is my beliefs and you are welcome to have opposite ones. Having a plan is more important than the actual direction for me. 

  • Short GBP/USD. Breakout – MT is bear normal. We have had a breakout and fundamentals negative for GBP with uncertainty around the upcoming election.
  • Waiting USD/JPY. – MT is sideways normal. Prefer longs with profit short term profit targets at the moment.
  • Waiting  AUD/USD  –  MT is sideways volatile turning sideways normal. Waiting with a short bias.
  • Short EUR/USD. Trend – MT is bear normal (just & debatable, as it could be a sideways volatile). The strength of the move means we want to stay short until at least the low at 1.0460 .
  • Waiting NZD/USD. – MT is sideways normal.
  • Long USD/CHF. Reversal– MT is turning bull normal. The low we mentioned last week was not breached and we have a double bottom in place. Strong upwards momentum and remain fundamentally bullish this pair.
  • Short EUR/CHF. Trend – MT is bear normal. Be very very wary of going short this pair as the SNB are making noises which could be preparing the market for more intervention.
  • Long  USD/CAD. Reversal – MT is sideways volatile. Had a bullish engulfing candle after support was busted. Be very cautious after Fridays bearish candle though.
  • Waiting EUR/GBP.  – MT is sideways normal. Wait for the price to hold below support before the bear is confirmed
  • Waiting  AUD/JPY. MT is sideways volatile. Wait or trade off the edges.
  • Waiting NZD/JPY  – MT is volatile sideways . Daily reversal candle suggests the momentum is short.
  • Short GBP/JPY.  Trend – MT is bear normal. Look short
  • Waiting EUR/JPY. –  MT is sideways normal. Prefer to wait for the low to be breached, but this pair is likely heading lower.
  • Short GBP/NZD. Trend – MT is normal bear. Go short.
  • Short EUR/NZD. Trend– MT is normal bear. Keep going short, but MT is turning sideways so be careful.
  • Short AUD/NZD. Trend – MT is normal bear. Had a strong reversal after the RBA announcement last week but technically the bear is still in play.
  • Waiting EUR/AUD. – MT is sideways volatile. Very rapid sell off last week.
  • Waiting GBP/AUD. – MT is sideways volatile. As above.
  • Short  AUD/CAD. Trend–  MT is Volatile bear. Keep going short but with caution.
  • Short GBP/CAD. Trend– MT is normal bear. Continue going short.
  • Short EUR/CAD.  -MT is fast bear. Look for shorts.

Analysis to read:

Marc Chandler

Jim Langlands

Economic calendar for the week ahead:

(MT = Market Type: Click for more information on market types.)

(MT = Market Type: Click for more information on market types.)

Trend: Market is trending in the direction I have listed and I expect it to continue. 

Reversal: I am looking for a reversal against the current trend.

Breakout: The currency pair is breaking out of a range. 

About the Author

Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (get free access). He is a co-owner of Forex Signal Provider www.fxrenew.com. If you like Sam’s writing you can subscribe to his newsletter.

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