Bearish bias for the week.
This is the weekly chart of EUR vs USD. Price shows signs a of reversal at resistance. This puts my bias in favour of the bears. The bias I had last week is still valid. See here.
CAD vs JPY
Bullish bias for the week.
This is the weekly chart of CAD vs JPY. Price moved just nicely in favour of my bias last week (here). My bias remains bullish. The 85 level is the next hurdle on the way up to the swing high.
GBP vs CAD
Mixed signal.
This is the weekly chart of GBP vs CAD. Price is at an interesting level. Currently there is no setup. This level is very worth to keep an eye on.
AUD vs NZD
Bullish bias for the week.
This is the weekly chart of AUD vs NZD. Price formed a Morning Star Pattern at support. My bias remains bullish.
EUR vs NZD
Mixed signal.
This is the weekly chart of EUR vs NZD. Price is at an interesting level. It is worth to keep this asset on the watch list.
NZD vs CAD
Bearish bias for the week.
This is the weekly chart of NZD vs CAD. Price formed a Bearish Englfing Pattern in the vicinty of the ATHs. This puts my bias in favour of the bears. Keep in mind this is a counter trend bias as the trend is still bullish with successiv higher lows. Price is also on top of a support level. However, price showed signs of weakness as price was not able to form a higher high.
EUR vs JPY
Bullish bias for the week.
This is the weekly chart of EUR vs JPY. Price seems to have found support at the former highs. I do not really like to take long trades after a run up, but as long support holds, support is valid. And last week formed a Rejection Candle. Six weeks in row failed to violate support. This together with the Rejection Candle puts my bias in favour of the bulls.
USD vs JPY
Bullish bias for the week.
This is the weekly chart of USD vs JPY. The 110 level proved to be support. Price was not able to violate this level 4 weeks ago (Bear Eng Pat). I did talk about this pattern then and mentioned that as long I don't see a violation of the low I am hesistant to take a short trade. It seems the move up was a shift of trend and we should see a violation of previous highs. (Read this here).
GBP vs JPY
Bullish bias for the week.
This is the weekly chart of GBP vs JPY. Price is in the middle of the range. I do not really like to trade in mid range levels. However, the level is sound and we have a Rejection Candle. This may be the first sign of the continuation of an up trend which manifests itself in form of a higher low.
EUR vs GBP
Bearish bias for the week.
This is the weekly chart of EUR vs GBP. Price formed a Tweezers Top with a Shooting Star as the second Candle at resistance. This is puts my bias in favour of the bears.
NZD vs USD
Bearish bias for the week.
This is the weekly chart of NZD vs USD. Last week formed a Rejection Candle at Resistance. I would have prefered to have this pattern closer to resistance, but we have to work with what we get. Together with the rather weak NZD (more about this in the Cross Currency Analysis) my bias is in favour of the bears.
NGAS
Bullish bias for the week.
This is the weekly chart of NGAS. We have two successive rejections of the 3,0 level. This puts my bias in favour of the bulls
GBP vs NZD
Bullish bias for the week.
This is the weekly chart of GBP vs NZD. Price is at an interesting level. Price is on top of a congestion zone to the left and on top of the 0,75 level. Last week formed a small Rejection Candle. This together with a weak outlook of the NZD puts my bias in favour of the bulls.
USDOLLAR
Bullish bias for the week.
This is the weekly chart of FXCM USDOLLAR. The trend is still bullish. Up to this date the move down is a pullback. Last week may have marked the end of the pullback. The micro structure of the pullback established a trend. But we need to keep an eye on the big picture, which is still bullish. We need a violation of aproximately 11,60 level to talk about a trend shift. If you look closely to the chart, I marked a falling Trendline. A conservative approach would be to wait for a violation of the trendline.
Cross Currency Analyis
All the analysed pairs which have NZD either as base or quote currency show weakness in favour of NZD. If NZD was strong, we would not see throughout weakness as described. USD and GBP are the strongest pairs for the week. The USDOLLAR Chart above adds weight to the strong outlook of USD.
JPY is weak throught the analyzed assets, which makes NZD and JPY the most favourable single currencies to look for shorting. A look at NZD vs JPY should help to pick the weaker one.
This is the weekly chart of NZD vs JPY. There is no sign of a reversal but a continuation of the bullish move. The close above the 80 level adds weight in favour of the bulls. This makes the JPY the favourable currency to look to short.
Thank you for reading. If you have anything to add or any questions, please leave them in the comments section below.
Happy trading,
TT
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