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. Trend – MT is bear normal. Carney has lowered/pushed out expectations of a rate raise.
- Long USD/JPY. Trend– MT is quite bull. Currently a slowly rising bull so looking for buy opportunities on a breakout. Be aware of resistance at 1.2180.
- Short AUD/USD Trend – MT is bear normal.We had a reversal pattern form ( to buy) but so far it has not held. Bear still intact. Be wary of the reversal though.
- Short EUR/USD. Trend – MT is strong bear. Keep going short.
- Short NZD/USD. Trend – MT is normal bear. Look for short opportunities.
- Long USD/CHF. Trend – MT is normal bull. Keep buying. Has been a strong breakout trade.
- Long USD/CAD. Breakout – MT is normal bull. Oil will be putting pressure on the currency pair. Look for long trades.
- Short EUR/GBP. Trend – MT is normal bear. Look for short trades.
- Waiting AUD/JPY. MT is normal sideways. Will be looking for long breakouts. The reversal from a few weeks back is still in play
- Long NZD/JPY Reversal – MT is normal bull. Tricky marekt to pick. Could be turning into a sideways MT. Opportunity is for buy trades unless we get a stock market correction or safe haven flows.
- Short GBP/JPY. Trend – MT is bear normal. Prefer to stay away from this currency pair based on fundamentals – technical opportunities are to go short.
- Short EUR/JPY. Trend – MT is bear normal. Look for short trades.
- Waiting GBP/NZD. MT is volatile sideways. Swing trades are best on this pair – watch for the breakout short to confirm.
- Short EUR/NZD. Trend– MT is strong bear. Keep going short
- Waiting AUD/NZD. – Bearish candle at edge of range signals a sideways market type. Wait for direction to make itself clear.
- Short EUR/AUD. Trend – MT is bear normal. Interesting monthly chart. Not much support in the way. Go short.
- Short GBP/AUD. Breakout – MT is normal bear. Look short but wait until the break out confirms. Fundamentals favor GBP so be wary.
- Waiting AUD/CAD. MT is normal sideways. Wait for direction or look for trades off the edge of the range.
- Short GBP/CAD. Breakout – MT is normal bear. Similar trade the short GBP/AUD above. Not favored until GBPUSD finds support.
- Short EUR/CAD. Trend -MT is strong bear. Keep going short.
- Short EUR/CHF. Breakout – MT is sideways. Starting to break lower. Be wary of a reversal.
(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.