Mixed signal.
This is the weekly chart of EUR vs USD. This pair is in a big range with support beginning in March 2015. While I am overall bearish this asset, price did bounce off range support. This is basically a bullish sign. However, price is at resistance. Even though we EUR vs USD shows signs of bearishness with last week close, my bias stays as mixed. The current level may be the beginning of a lower high. But it is too early to say that. I will be looking for short opportunities, but am not eager to take a trade. The picture may look completely different by the close of the week.
AUD vs CAD
Bearish bias for the week.
This is AUD vs CAD weekly timeframe. Price made strong run above parity. Last week did close back below parity level. This puts my bias in favour of the bears. However, it is important to note, that price is inside the previous week range. This calls for patience when trading this pair.
CAD vs JPY
Bullish bias for the week.
This is the weekly chart of CAD vs JPY. Price formed a Bullish Engulfing Pattern above the 85 level and above minor support. This puts my bias in favour of the bulls. However, price is close to a strong resistance level highlighted with the red lines.
NZD vs JPY
Mixed signal.
This is NZD vs JPY weekly timeframe. Price did break above the red line which basically is bullish. But price was not able to break the high of the Shooting Star immediately to the left. This makes me skeptical of the breakout. The next level I want to draw your attention to is the 85 level where there is a window (gap) that has not been closed yet. We may see a test of the 85 level. I am curious about how price will react at that level, if it gets to 85 that is.
GBP vs CAD
Mixed signal.
This is the weekly timeframe of GBP vs CAD. The trend is bearish. The week before the markets witnessed a sudden GBP strength. See the big blue candle. This is a strong bullish signal. There was no follow through last week. Last week did close as a Doji at an interesting level. Ideally next week closes below the Doji. The Doji at resistance is already a signal. However, there was a strong move up prior to the Doji.
AUD vs NZD
Mixed signal.
This is AUD vs NZD the weekly timeframe chart. Even though price printed a Bearish Engulfing Pattern with a strong close below 1,05 I am skeptical of this bearish surge. Price stopped right on top of support. This asset has been a difficult one to trade. Price keeps attacking the red line but so far failed to break it. It's worth to keep an eye on this asset and observe how it will react at this level. Sooner or later it will move away from current levels. We want to be ready when it happens.
EUR vs NZD
Bearish bias for the week.
This is the weekly timeframe of EUR vs NZD. Price did bounce off the red line (referred to previously here). Price made a strong close below the previous Hammer. This sets my bias as bearish for the week. However, it is important to note that Price is now at the support of the previous low. The trend is bearish and I see a high likelyhood of hitting the ATLs. We'll see how the week will close got get more clues about the possible future path.
NZD vs CAD
Mixed signal.
This is NZD vs CAD weekly timeframe. There is not really a setup to base a bias. However, I am rather bearish. Price is testing the bottom of the ATH zone and formed an indecision candle with long upper and lower wicks (High Wave Candle). Looking to the left we see many candles with long upper wicks at this level. This shows me resistance entering this zone. A close below the 0,95 ideally below the low of the High Wave Candle will confirm the bears.
EUR vs JPY
Mixed signal.
This is EUR vs JPY weekly timeframe. Price is at resistance. Last week candle can mean two things. Either last week candle shows a rejection of lower prices, coming in by the Piercing Pattern. Or last week candle shows signs of a reversal as it can also be a Hanging Man. This shows that an isolated view of a Candlestick has little meaning. The Market Structure and Market Environment need to be regarded as well. Since price is at a resistance level there is a higher likelyhood of a reversal. But a Hanging Man formation needs to get confirmed. Hence, my bias is mixed.
USD vs JPY
Bullish bias for the week.
This is the weeky chart of USD vs JPY. Price did print the same candle as EUR vs JPY. However, price is bouncing off of a previous congestion zone dating back to Febuary/March 2016 and made a close above 115. But it is imporatant to note, that price failed to close above the previous Indecision Candle. And price is inside the Mother Candle (two candles back). As long the lower wick is not violated my bias will remain bullish. This view is in conflict of the Hanging Man of EUR vs JPY. As both are positive correlated one asset my be used as a leading indicator. Due to the amount of important news coming in this week, we may be well advised not to trade this asset or EUR vs JPY.
AUD vs JPY
Mixed signal.
This is AUD vs JPY weekly chart. Price did break and close above the red line. However, price is inside the wick of the Shooting Star hence in the vicinity of resistance. A close above the Shooting Star will make way for a move up to 90 Level which is the next level of interest. A close below will confirm the Hanging Man. So we need to exercise patience if we want to trade this asset.
USD vs CHF
Mixed signal.
This is USD vs CHF weekly chart. Price is testing a former range resistance which should act as support now. Last week candle closed as an Indecision Candle which also showed signs of rejection. This is in line with the Doji at resistance on EUR vs USD. A close above the Indecison Candle will confirm the bulls and we may see a move north. Whereas a close below would indicate further bearish pressure.
AUD vs USD
Mixed signal.
This is the weekly timeframe of AUD vs USD. Last week closed as a Doji at the vicinity of resistance. This Doji makes me skeptical of the previous bullish move. A close below the Doji will be a bearish signal. In the first quarter of 2016 AUD vs USD managed to break a significant high for the first time. That was the beginning of a trend shift. Since then price was not able to continue to break a high and remained below the high of March 2016.
EUR vs AUD
Bullish bias for the week.
This is EUR vs AUD weekly timeframe. Price is at support. As long support has not been violated I treat support as support.
GBP vs NZD
Mixed signal.
This is GBP vs NZD weekly timeframe. Price did print a Doji at an interesting level. This basically is a bearish reversal signal. However, price is at ATLs. Next week close will shed some light.
Note: The coming week there will be many high impact news. Trading during high impact news is very risky. Not taking a trade is also part of trading. It's having the position of an observer with the capital secured in the account.
Happy trading,
TT
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