A Look At The Week Ahead: August 27, 2012

There is a holiday in the UK on Monday so we won't be at the desk (much).

Relatively light data week this week, however, we expect some further headlines out of ECB and European leaders as Greece and Spain continue to be a focus. We also have Draghi at the end of the week.

We are now looking for further pull backs in the risk pairs and some nice entry signals to position ourselves long, however, that said the risk on theme is rather tenuous and we wouldn't be surprised to see this reverse quickly especially if the eurozone doesn't start to come up with a permanent fix.

EUR/USD
Focus this week is to review the risk on position, ideally if we see a pullback and a strong entry signal off of resistance we will join the trend long; alternative is that the support line is broken and we resume a Bearish trend, in that scenario we would look for a short entry position off of the resistance line.
GBP/USD
Similar to the euro we are looking for a small pull back now early in the week and a strong entry signal within the blue box to position ourselves long. A break lower from the blue box and we would consider strong entry signals to position ourselves short.

AUD/USD
We seem to be entering some consolidated chop with the aussie at the moment. The pair seems to be struggling to break out lower or higher despite some normally strong entry signals; for now we wait on the sidelines to see if we can get a good movement and entry signal in either direction, before this though it will be key for us to see a break of recent support for short entries and the upper resistance (by T1) for long entries.
USD/JPY
Following the push back into range we are now looking for a break of the previous mini range and long entry signals.
EUR/JPY
With the recent yen pairs in action, we quite like the EUR/JPY for another breakout having failed to push significantly lower. If we can break the 99.00 handle (pink line) we like this pair for a push higher.
USD/SEK
We have now moved our stops to lock in profit on this trade.
USD/NOK
Lowered stops again on this one but continue to let the remaining open position play out.