Recap
My picks for last week were USDJPY and AUDUSD. I started last week with a small loss on the USDJPY; this is why trading from the 1-hour timeframe or lower is not a usual for me. I watched the AUDNZD take off without me because my entry parameters were never met; and oh I didn’t regret because it strongly respected the resistance I commented on. However, AUDUSD, NZDUSD and USDCAD all went as planned. Even as USDCAD exited me on a trailing stop, I still have a two long positions on the AUDUSD and the NZDUSD running without any risk. Gold didn’t move anywhere throughout the week so it is still a wait and see game for it.
The week ahead.
As usual, this week comes with its own opportunities, though not as numerous as last week’s. We will be looking at four pairs; CADJPY, GBPUSD, AUDUSD & NZDUSD for the week.
CADJPY
This pair is printing out one of my favorite trading patterns that is just based on retest of levels. June 2018 had some choppy price action (arrow up) to serve as support back then. Fast forward to now, that former level is printing out similar choppy moves (arrow down) and it is serving as resistance now. This is a bearish signal but as conservative as I am, I would be looking out for Monday’s candlestick closing to consider a position. If Monday manages to close as bullish, my bias would change.
GBPUSD
Movement in this pair has been formless for close to 3 weeks and I had been heavily bearish all along. Last Friday’s closing finally gave in to the bulls. From the weekly timeframe, the cable is signaling strength for the bulls. There’s a long-tailed candlestick rejection from two weeks ago whereas the previous week’s candle was a bullish one. I’d favor a position on this pair after the outcome of the Brexit back and forth on Tuesday.
AUDNZD & NZDUSD
Like I said already, I have risk free trades on these pairs and looking at the price structure, there seem to be more room to run for the bulls. Consider long positions on retracements.
AUDUSD
NZDUSD
CADJPY is my pick for the week. Have a profitable week!
Thanks for the commentary.
You’re very welcome Uzoma.