EUR vs USD
This asset is one of my least liked assets. But I do have an eye on this pair. There is not really a clear setup. But it is still worth having this asset on the watch list never the less.
EUR/USD is in a big range, which makes trading this asset less favourable. I personally like to trade ranges at the edges. However, the range is pretty big and we have small trends inside the range. Being above 1,10 gives me an overall bullish bias. Last week candle formed a Hammer formation. I personally favour Hammers at the bottom of the move. Here it is in the middle of a range. But last week candle shows us something interesting. It is rejecting lower prices. I made a small black line which is based off the daily chart. I treat that as a minor support level. And price is clearly rejecting lower prices. I will be keeping an eye for long opportunities.
However, be aware of the trendline. I personally do not really like trendlines much. I find trendlines ambiguous. But I am aware of trendlines and take them into consideration when trading. A break and close above is highly favoured. But if price shows signs of weakness at the trendline, I will reevaluate and might even take a trade south, counter my bias. If I get a low entry, the trendline might be my first target.
AUD vs CAD
This is a tricky one. Price is aproaching a resistance zone. The more times a level gets tested, the stronger is the level. But at the same time, the more times a level gets tested, the higher the chance the level gets broken. So here we are. Make it or break it.
It is intereting how last week closed right at the low of the yellow zone. However, my bias for the week ahead is bullish. If price pulls back and forms a nice bullish setup, I will take the trade north. I am aware we are at resistance. Depending on how far or how close we are to resistance, I might pass the trade. I am also looking for short triggers in the yellow zone. This leaves me with a narrow trading range.
But price will lead the way. My bias is bullish, but I am at resistance. As mentioned above, I do not need to be in a position. If there is no trade the week ahead, there still is the week after. There are pros and cons to both. Waiting for next week close will give me more confirmation. But that might cost me. What ever you are comfortable with.
CAD vs JPY
Last week I was ready to go Short and Long (see here). Price was at support but in a bearish market. I even took a long position, testing the water. I got stopped out as price moved lower to form the long bullish wick. Anway.
This week my bias is bearish.
We have two pinbars. The previous week was a Hammer and the most recent was a Pinbar. I personally do not like to call the pinbar a Shooting Star, as this candle formed at the low of the move. But this candle clearly shows a rejection of higher prices. Price bounced off resistance.
NZD vs JPY
I was debating with myself whether I want to present this here or not. As you can see, I decided in favour of this pair.
The reason why I decided to list this NZD/JPY is the rejection of 75. Below 75 I am bearish. Price formed a Rejection Candle. This Rejection Candle is not an ideal Pinbar, but it is a rejection 75. The location gives this candle value, hence it is listed here. Keep in mind, we are still inside the mother candle. The mother candle is not marked on the chart. It is the third candle from the right. This pair is not really a good pair to trade at the moment. But it is good to keep it on the watch list. Price has potential to go to the 70 level. Be aware the this asset sits on top of support. So do not jump the gun. In doubt, stay out.
GBP vs CAD
Almost all GBP pairs where GBP is the base currency display the same thing.
My bias for the week ahead is bullish, even though the trend is bearish. We have a big Hammer. Price came all the way down to 1,60 but closed above 1,65.
EUR vs NZD
My bias for the week ahead is bullish.
Price made a strong close above 1,55 engulfing the previous week candle. We have a Bull Eng Candle which is at the same time an Outside Candle. Keep in mind that a Bull Eng Pat has less value if it is not printed at a low. But the location is still interesting. We have an Outside Candle makeing a strong close above 1,55.
NZD vs CAD
This is an interesting pair. NZD/CAD hit its ATH and bounced off.
I have mixed feelings. Due to being at its ATH my bias is bearish. But the pinbar shows rejection of lower prices. I do not consider last week candle as a Hanging Man. First, a Hanging Man needs to be confirmed. 2nd a Hanging man should be at the top of the move. It is interesting how last week closed above 0.95 which actually gives me a bullish bias for the week ahead. However, price is at its All Time Highs. If it happens that I get a long trigger, my first target is the low of the ATH range (marked in red).
GBP vs USD
As mentioned in GBP/CAD we have about the same picture here.
Price did reject the 1,20 level. But price did not close above 1,25. A close above 1,25 would put more weight on my bullish bias for the week ahead. Even though we did not get the close above 1,25 my bias for the week ahead is bullish.
EUR vs JPY
Bullish bias for the week ahead.
Two Hammers followed by a strong bullsih Candle closing above 115. EUR/JPY has been a difficult asset to trade lately. Price is in a small range aproaching its range resistance.
Having a bullish bias on this asset but a bearish bias on the other two JPY pairs gives me mixed feelings. Normally the JPY pairs move in lockstep. This makes me less likely to trade the JPY pairs. Only if there is a setup screaming at me to take action, I might consider trading it.
But if there is a short setup at the range resistance level, I am happy to take a trade counter my bias.
AUD vs USD
Bearish bias for the week ahead.
Even though we are above 0,75 my bias for the week ahead is bearish. The small Bear Eng Pat at resistance puts my bias in favour of the bears.
I am aware of the trendline which should be considered in trading. The trendline is a nice level to consider taking profit. Price is in a process of a trend change. So we may be in a range for quite some time. I will take my setups as they come and put the trendline into consideration. If there is a bullish setup at the trendline, I might even consider takeing a counter bias trade. I do not like trendlines, but I take them into consideration. Trendlines do not hold much value for me.
EUR vs AUD
Bullish bias for the week ahead
NZD vs USD
Bearish bias for the week ahead
Being above 0,70 level is a bullish sign. However, we have a close below minor support. Price might attempt to move back to the 0,70 level. I'll be keeping an eye on bearish setups. We may get a bounce off the red lines, which would be a test of the minor support level.
USD vs CAD
Interesting asset.
My bias for the week ahead is bullish. Price did break range resistance. However, it is not a strong break of resistance. I am aware off a possible bull trap. But what I see is a broken resistance. If I incorporate the other USD pairs into this analyis I get mixed signals. While NZD/USD confirms the bullish bias on USD, EUR/USD does not confirm USD strength. There still is the USD Index. My bias is bullish in the USD Index, however it is not overly bullish.
We have a strong close above 12, which puts my bias in favour of the bulls. But price is close to range resistance and last week candle did print a rather long shadow. This weakens my bullish bias. The cross currency analyis does not really help with USD/CAD or other USD pairs.
US Oil
I actuall do not really have a bias as of yet. But price is aproaching an interesting level.
The yellow zone is an important level that I keep an eye on. I may not really get a signal and trigger the week ahead, but the weekly close is going to be essential. Price shows signs of a bullish trend. But as long there is no close above the yellow zone, resistance holds.
There are a couple GBP pairs that I did not display here. GBP vs AUD and GBP vs NZD both display the same as GBP vs USD. My preference is GBP vs CAD. And EUR vs GBP is also interesting. However, there is nothing worth of showing as of now. Next week close will be interesting.
Happy trading,
TT
Keine Kommentare:
Kommentar veröffentlichen