07

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. 

  • Long GBP/USD. Trend  – MT is a bull strong. More positive data off-set a dovish tone by the BOE and the up-trend is still in play. But buy with caution due to BOE comments.
  • Waiting USD/JPY. – MT is sideways normal. Range is getting very tight. Stalk the breakout.
  • Long AUD/USD Trend –  MT is bull normal. Continue to buy.
  • Long EUR/USD. Trend – MT is bull normal. Continue to buy. Deutsche bank suggesting a sell but no technical signal as yet.
  • Short NZD/USD. Trend– MT is bear normal. Pull back last week off support but selling has resumed and bear market is in play. Note if price stays choppy we could quickly turn back into a sideways market type.
  • Short USD/CHF. Trend – MT is bear normal. Last weeks reversal pattern failed – go short.
  • Waiting EUR/CHF.  – MT is sideways normal. Wait and see
  • Waiting USD/CAD. – MT is sideways normal. Wait.
  • Waiting EUR/GBP.   – MT is sideways volatile. Wait for now but expecting price to head higher inside the range.
  • Long  AUD/JPY. Trend –MT is bull normal. Look to buy.
  • Short  NZD/JPY. Trend – MT is bear normal. Look to sell.
  • Long GBP/JPY. Trend – MT is bull normal. Keep buying.
  • Long EUR/JPY. Trend –  MT is bull normal. Bull market still in play.
  • Short  GBP/NZD. Trend – MT is just strong bull. Reversal did not occur last week but we have a very bearish pattern off weekly resistance on weds last week that is still in play. Look short with caution
  • Long EUR/NZD. Trend– MT is strong bull. Buy the dip worked last week. Keep buying.
  • Long AUD/NZD. Trend– MT is bull normal. Keep buying but be wary of resistance.
  • Waiting EUR/AUD. – MT is sideways normal. Wait.
  • Waiting GBP/AUD. – MT is sideways normal. Wait.
  • Waiting AUD/CAD. –  MT is sideways normal. Wait.
  • Waiting  GBP/CAD. – MT is Sideways normal. One more up day turns this into a bull.
  • Short EURCAD Reversal  -MT is bear volatile. Last weeks short is still in play – just – a daily close above resistance will invalidate the trade and turn the MT to bull normal.

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.

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