Setups for the week ahead 14.05.-18.05.18

EUR vs USD

Bullish bias for the week.

EUR vs USD W1

This is the weekly chart of EUR vs USD. Last week close formed a Hammer at support. This is a bullish reversal pattern. In the monthly analysis, I did talk about this asset. I did mention, that I'd like to see a correction red horizontal line. However, due to the support level price is sitting there was no clear bias. See here for last month analysis. Having a weekly Pinbar at support puts my bias in favour of the bulls.
At this point, I'd like to draw your attention to two of my articles one about Pinbars the other about stop hunting.

EUR vs CAD

Mixed signal.

EUR vs CAD W1

This is the weekly chart of EUR vs CAD. I did mention the 1,50 level in the monthly analysis (see here). The weekly timeframe shows support more clear. And we see signs of reaction at support. The signs are not sufficient enough to switch the bias, but it is well worth to keep an eye on this asset and the level price is sitting at.

NZD vs JPY

Mixed signal.

NZD vs JPY W1

This is the weekly chart of NZD vs JPY. Price is sitting at an interesting level. This asset is hitting the current support level the fourth time now. This shows, this level is significant. Either this level holds or it breaks. One thing about support and resistance levels is they are stronger if they got tested a couple times. Eventually they will give in and fail. We never know before hand. Currently support is holding and we have an Indecision Candle at support. However, the structure of the market shows bearish pressure with successive lower highs. It may be worth to keep an eye on this asset in the near future.

Gold

Gold W1

This is the weekly chart of Gold (XAU vs USD). Price is trapped between 1350 and 1300. The million dollar question is, which level is going to fail? The monthly bias is bearish. Currenlty the weekly bias does not confirm the monthly bias. I'll keep may hands on my lap, wait, and observe patiently. I am not interested in trading range support, price is sitting at.

GBP vs USD

Mixed signal.

GBP vs USD W1

This is the weekly chart of GBP vs USD. Price formed an Indecision Candle at a level of interest. Recent Dollar strength did break the most recent higher low. This may be the sign for a continuation of the bear trend. We'll only know once price moved. For now, we see Indecison at support. This is not enough for me to establish a bullish bias, hence I'll wait and observe. A close above or below will shed more light.

USDOLLAR

Bearish bias for the week.

USDOLLAR W1

This is the weekly chart of FXCM USDOLLAR. Last week did close as a Shooting Star at a level of interest. We may see a test of the red horizontal line.

AUD vs USD

Bullish bias for the week.

AUD vs USD W1

This is the weekly chart of AUD vs USD. Last week did close as a Hammer at a level of interest. A Hammer is a bullish reversal pattern. This puts my bias in favour of the bulls.

GBP vs AUD

Bullish bias for the week.

GBP vs AUD W1

This is the weekly chart of GBP vs AUD. Price formed a Gravestone Doji, which could be classified as the ultimate Inverted Hammer. A Doji is a reversal pattern. An Inverted Hammer is a bullish reversal pattern. What I do not like about Inverted Hammers is, these can also be classified as Rejection Candles at the same time. Here, we have higher highs and higher lows, which is a bullish trend. This is why I label last week candle an Inverted Hammer. This formation also formed at support. What I see is a bullish reversal pattern in a bullish trend at support. Hence, my bias is bullish.

AUD vs CAD

Bullish bias for the week.

AUD vs CAD W1

This is the weekly chart of AUD vs CAD. Price is at a level of interest and formed a bullish reversal pattern called Hammer. This puts my bias in favour of the bulls.

GBP vs CAD

Mixed signal.

GBP vs CAD W1

This is the weekly chart of GBP vs CAD. Price did close as an Indecision Candle at support. Some might call last week candle an Inverted Hammer. It is not really important how you lable candles, what is important is, what do the candles tell me. Price is at a level of interest. If price is not able to violate this level, than we have a bullish sign. Currently we see price is rejecting 1,75 but failed to violate support. Next week close will shed more light.

A word of caution. Last week close have formed many Pinbars. Those who trade only pinbars must be happy as there are many opportunities to trade pinbars. But not all Pinbars are a guaranteed success. Please read my article about pinbars (here).

Cross Currency Analysis

With a weak bias on USD, chances have increased in favour of a bullish reversal on EUR vs USD, GBP vs USD, and AUD vs USD.

Since there have been some assets with a rather strong bias in favour of AUD, I'd be carefull with GBP vs AUD.

If you have questions or would like to give feedback, please leave them in the comments section below.

Happy trading,
TT

Setups for the month ahead May 2018

EUR vs USD

Mixed signal.

EUR vs USD M1

This is the monthly chart of EUR vs USD. Price is sitting on top of support. I did mention last month, that I would like to see a correction back to the red horizontal line. Last month did close bearish, which puts weight in favour of the correction. As we are sitting at support, it may pay out to be patient.

EUR vs CAD

Bearish bias for the month.

EUR vs CAD M1

This is the monthly chart of EUR vs CAD. I had a strong bias for CAD last month (here). I did close my long trade last month at 1,60 level (see here). We have successive higher lows, which shows bullish pressure. This asset may have run out of steam and needs new fuel. Currently the 1,50 level seems to be the next level of interest. I'll be looking for opportunities to short this asset.

CAD vs JPY

Bullish bias for the month.

CAD vs JPY M1

This is the monthly chart of CAD vs JPY. Price has closed bullish last month. We have a Bullish Engulfing Pattern. I did not get my trade long last month. My bias remains bullish. 

GOLD

Bearish bias for the month.

GOLD M1

This is the monthly chart of GOLD. Price is rejecting range resistance. This puts my bias in favour of the bears. 

GBP vs USD

Bearish bias for the week.

GBP vs USD M1

This is the monthly chart of GBP vs USD. This asset shows a better bearish signal opposed to EUR vs USD. Price shows a rejection of the former ATL, which acts as resistance now. 

USDOLLAR

Mixed signal.

USDOLLAR M1

This is the monthly chart of FXCM USDOLLAR. Currently we see USD strength. Price was able to violate a significant level only to bounce back up. Currently it is too eatly to speak of Dollar Bulls. We need to see mothly close above the mother candle. However, we see signs of support holding. And that is basically bullish.

Ger30

Mixed signal.

Ger30 M1

This is the mothly chart of the CFD for Dax30. We have a bullish signal at a previous resistance leve, which is support now. This basically puts my bias in favour of the bulls. However, the seasonality of equity markets is not in favour of bulls. I am ready to trade both ways. The setup is bullish, so I am more interested in bulls.

USD vs JPY

Bullish bias for the month.

USD vs JPY M1

This is the monthly chart of USD vs JPY. Price did close bullish last month and form a Morning Star Pattern, which is a bullish reversal pattern. I'd have favoured a close above the 110 level. But we do not always get what we favour, right? 

GBP vs JPY

Mixed signal.

GBP vs JPY M1

This is the monthly chart of GBP vs JPY. Last month did close as a Rejection Candle, which is a bearish sign. But price is close to a level of interest, which may prove to be support. I might look for temporary short opportunities. Once price closes below 145, my bias will be bearish.

NZD vs CAD

Bearish bias for the month.

NZD vs CAD M1

This is the monthly chart of NZD vs CAD. Last month close did form an Evening Star Pattern, which is a bearish reversal pattern. This puts my bias in favour of the bears. 

If you have any questions or would like to give feedback, please leave them in the comments section below. 

Happy trading,

TT