EUR vs USD
Bullish bias for the week.
This is the weekly timeframe of EUR vs USD. Price was barely able to break support in December 2016. Last week close above the Hammer. More importantly the candle has a close near the top, which adds up more bullish signs. All these confirm support from March and December 2015. These are all reasons why I am more bullish in an overall bearish environement. The downside of this EUR vs USD is, price was not able to clear the high of the mother candle five weeks ago (marked with a greay line). If price does clear that level, there is a good chance for a run to the red line or even back to 1,10. What I see at the moment is support holding. And that defines the bullish bias.
EUR vs CAD
Bearish bias for the week.
This is the weekly chart of EUR vs CAD. My bearish bias from last week remains (see here). The Evening Star pattern I mentioned last week has not bee violated nor did price close above 1,40. Last week formed an indecision candle. I'll be keeping an eye on bearish setups this week.
AUD vs CAD
Bullish bias for the week.
This is the weekly chart of AUD vs CAD. Price showed strength last week and closed as a strong Bullish Engulfing Pattern. This asset is in an overall range like structure and price formed a bullish reversal pattern at about the mid range. We may see a test of parity in near future. Price likes to break a level and than come back to test the level. Here we may see the test of the 1,00 level.
CAD vs JPY
Bearish bias for the week.
This is the weekly timeframe of CAD vs JPY. While I had a mixed signal last week (here) I am bearish this week. Price seems to find resistance at former high and is not able to violate it. I like how price snuggles into resistance highlighted in red. The ultimate go for the bears would be the break of the most recent bear fractal. But we may be missing some pips on the way down. Currently resistance holds and I will be looking for bearish setups.
NZD vs JPY
Mixed signal.
This is the weekly timeframe of NZD vs JPY. The reason why this asset is mentioned here is, it may be setting up for something nice. Price did bounce off resistance (red line). Price is still at the vicinity of support. The 80 level is going to be key here. Either we will get a break and close below sometime maybe this week or next week. Or we will get a bounce. We won't know yet, but we will stay alert.
EUR vs NZD
Bearish bias for the week.
This is the weekly chart of EUR vs NZD. While I had a mixed signal last week, I was highlighting the importance of the red resistance line (here). Resistance did hold true. Together with the close below 1,50 I have a bearish bias this week.
NZD vs CAD
Bullish bias for the week.
This is the weekly chart of NZD vs CAD. Last week did conquer back support. Last week closed as a Bullish Engulfing Pattern with a strong bullish candle with a close near the top. It is too early to make a judgement about a possible trend. Price did violate a previous low and formed a lower low. This is the first sign of a shift in trend. A shift / change of trend does not automatically mean a shift from bullish to bearish or vice versa. The break of the recent low may have been a fake. And the micor signs seem to add weight for this assumption. Last week did engulf the previous candle. But more importantly, last week candle did close above support. This adds more weight for the bulls. So my bias is bullish this week.
EUR vs JPY
Bearish bias for the week.
This is the weekl timeframe of EUR vs JPY. Price was in a consolodation the past four weeks. Last week did complete a formation called the Tower Top. This is a formation I rarely talk about. If you look at market structure, last week closed rather strong bearish and engulfs the mother candle (counting five back from right to left).
USD vs JPY
Bearish bias for the week.
This is USD vs JPY weekly timeframe. We have the same formation as described for EUR vs JPY. What I like more on this pair is, we have a close below 115. My preference goes for this pair. But I'll take either setup, if there is a valid setup to be taken.
Nikkei 225 / JPN225
Mixed signal.
This is the weekly chart of Nikkei 225. Some brokers call it JPN225. Anyway. There is not really a setup at the moment. I am rather bullish this asset. The setup of two weeks ago is still valid. We had a Bullish Engulfing Pattern the first week of January. I didn't talk about asset before as a Bullish Engulfing Pattern at a high is not really a setup for me. What I want to highlight here is, the Bullish Engulfing Pattern has not been violated. The reason why I didn't mention this asset last week was, I do not really like a Bullish Engulfing Pattern at a high. I always disregard them. Same goes for Bearish Engulfing Patterns at lows. However, price shows support at 19.000. Last week shows price not being able to violate this level. And this support makes this asset interesting.
GBP vs JPY
Mixed signal.
This is the weekly timeframe chart of GBP vs JPY. Basically I am bearish below 140. Last week formed a strong bearish candle with a close below 140. This is bearish. However, price is sitting on top of support. The other JPY pairs are more interesting for a trade. And all are in line bearish.
AUD vs USD
Mixed signal.
This is the weekly chart of AUD vs USD. This is again a chart with no clear setup. However, the level this asset is at, is very interesting. Price is testing 125 as resistance. Either it is a successful test and we are in for a move south, or we get a break and are in for a bullish move. The candle structure suggests strength. And this is in line with an overall weak USD. More about the cross currency analyis on USD below.
EUR vs AUD
Mixed singal.
This is EUR vs AUD weekly timeframe. We are in an overall bearish market. The downside pressure is strong. However, price is at support (red line) and just above 1,40. This puts my bias on mixed status. If there is a good setup at support to go long, I might take it but with a tight leash. If there is a good setup for a short trade after a correction I might take it as well, as that would be in line with the trend. Again on a short leash. To make it short, any setup needs to be analysed critically. And if there is a trade, it will be micro managaged.
NZD vs USD
Bullish bias for the week.
This is NZD vs USD weekly timeframe. Price did break out of a consolodation and closed above 0,70. This puts my bias in favour of the bulls. The fractal level to the left may cause some turbulence. I am not really into trend lines, but you could connect the wicks on the left and draw a descending trendline. A break of the TL would add more confirmation on this scenario. I personally like how price was able to conquer back the 0,70 line as support. I first started to talk about this level in "Setups for the week 25.07.-29.07.2016. You can find it here at the bottom. It is the last asset I mention in that weekly analysis.
USD vs CAD
Mixed signal.
This is the weeky timeframe of USD vs CAD. This asset is very interesting but my least favourite to trade at the moment. Price did break a confluence of support (horizontal line and trendline). This is bearish. But price was not able to violate the Bullish Engulfing Pattern highlighted in the chart. and price is above 1,30. This is bullish. With price at support I am not looking to short this asset. But with price being below the red line and the trendline, I am not looking to go long also. We may be at the start of a range. And the current level would be range support. Range resistance is obviously the the 1,35 level with the two successive tops (look at the bull fractals). I am not interested in trading this asset as of yet. Ideally the weekly close will give us more information. But if there is a good setup at the 1,30 level, I might be tempted to take it.
GBP vs AUD
Mixed signal.
This is GBP vs AUD weekly timeframe. My overall bias is bearish. But price is at support. And this asset made a strong run south from 1,70. This pair may be correct. We are at a leve of interest where the scenario of a correction is likely. I'll keep an eye on this asset. The trend is bearish, so I'll try to get entries on pullbacks.
US Oil
Mixed signal.
This is US Oil weekly timeframe. Price is making higher highs and hier lows. We recently had a break of resistance (yellow zone) and a test of this level. This is all bullish, however there is no setup yet. But price shows signs of rejection of the level of support (yellow zone) which puts my bias in favour of the bulls. However, I see also resistance ahead. So price is just in between support and resistance, and anything can happen in between. For the reasons above I tend to be more bullish than bearish. This week close will shed more light.
GBP vs NZD
Mixed signsl.
This is the weekly chart of GBP vs NZD. Price made a run south from former ATLs and is now back at support. This asset is in an overall bearish trend. Now we need more sings of a continuation of this trend. The confirmed sign of a continuation would be the break of the new ATLs at 1,70. Since price is at support but the trend is bearish, I have a mixed signal for this week. Since I like to trade in line with the trend, I'll be looking for possibilities of berish setups on pullbacks.
Cross currency analyis.
All USD pairs I have mentioned in this weekly analysis confrim USD weakness. Looking at the USD Index
This is the USDOLLAR weekly timeframe. The chart above shows weakness at the moment. We may be in for a pullback to former high highlighted with the long red line. The small red line shows a level of minor support that needs to be taken out. With the weekly close we will see if the miner support will hold.
With EUR vs AUD sitting at support and both appearing stronger opposed to USD and having a bearish bias on EUR vs NZD, NZD vs USD might be the best option to look for a bullish setup.
Hope you like what you read. If you have any questions please place them in the comments section below.
Happy trading,
TT
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