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. 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.

Get a FREE 30-day trial of FX Renew’s premium Forex signal service