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. 

  • Waiting GBP/USD.  – MT is sideways quiet. Still maintaining the sideways range for now. Nothing major to note fundamentally with the prospects of a rate hike underpinning demand.
  • Waiting USD/JPY.  – MT is sideways quiet. The sideways MT in-tact. I expect the devaluation of the Yuan to add further pressure on Japan over the longer-term (China being a major competitor). For now stalking a long breakout.
  • Waiting AUD/USD. –  MT is sideways normal. AUD sold off to new lows that were quickly recovered after the Yuan fix last week. A technical double bottom is on place but no clear buy signal and still in a sideways MT. Further pressure on commodity prices should continue to pressure the currency. Still prefer shorts from the top of the range.
  • Short EUR/USD. Reversal – MT is sideways normal. Short off the top of the range after a reversal pattern formed on Friday. The divergent paths of the central banks should see this pair lower.
  • Waiting NZD/USD. – MT is sideways normal. Triple bottom now in place but expect further pressure on the NZD from falling milk prices. A state owned enterprise in the energy (coal) sector went into voluntary administration owing 300 million last week. RBNZ is likely to cut rates further. Wait for now but happy to short a breakout lower or from the top of the range.
  • Long USD/CHF. Trend – MT is bull normal. We had bearish key reversal day on Wednesday off resistance but since then the price has stabilized. Look long but if you have the time stalk the sideways quiet market type on the 4 hour chart before entering. No signs the SNB has been intervening and the trend is likely macro driven with an unwind of safe haven flows now Greece is off the table for now.
  • Long EUR/CHF. Trend – MT is bull normal. We have had a pull-back in the pair but the bull market type remains intact.
  • Waiting USD/CAD. – MT is sideways normal. CAD should continue to come under pressure from the fall in the oil price. MT has turned sideways so the best opportunity will be to buy off the bottom of the range.
  • Short EUR/GBP. Reversal– MT is sideways normal. Bearish reversal pattern off the top of the range presents selling opportunity in this market type.
  • Waiting AUD/JPY. –  MT is sideways normal. Weekly sideways MT still holding wait for now.
  • Waiting  NZD/JPY. – MT is sideways normal. Possibly look for a short breakout lower.
  • Waiting GBP/JPY. – MT is sideways quiet. Look for a long breakout.
  • Long EUR/JPY. Trend –  MT is bull normal. Be wary of Fridays reversal pattern but a new bull commenced last week so buy.
  • Waiting GBP/NZD. – MT is sideways normal. Watch for a long breakout.
  • Waiting EUR/NZD. – MT is bull normal. We have had a double top form in a newly established bull. Wait for now.
  • Waiting AUD/NZD. – MT is sideways volatile. Continue to wait for the price to get to 1.0900 for a long-term buy.
  • Short EUR/AUD. Reversal – MT is sideways volatile. Double top in place and expect at least some short-term downside.
  • Waiting GBP/AUD. – MT is sideways normal. Wait for now
  • Waiting AUD/CAD. –  MT is sideways volatile. Stay out for now.
  • Waiting GBP/CAD. – MT is sideways normal. Wait for now.
  • Long EUR/CAD.  Trend -MT is bull normal. Look to buy.
  • Waiting NZD/CAD.  – MT is bull normal. But sitting right on major resistance. wait for it to be cleared.
  • Waiting  CAD/JPY.  – MT is sideways normal. Wait for now.
  • Waiting CHF/JPY. – MT is sideways normal. Caution advised for now.
  • Long GBP/CHF. Trend– MT is bull normal. Continue to buy this trend.

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 the owner of  www.fxrenew.com. If you like Sam’s writing you can subscribe to his newsletter.

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