In this article I will provide my view on the CHF/JPY, GBP/AUD, NZD/USD and the NZD/CHF. These are the pairs that I am currently interested in or was interested in last week for trading with the FxTaTrader weekly strategy. I will pick one to analyse in more detail from the pairs that have not been discussed yet recently
Open/pending positions of last week
CHF/JPY
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 25 where the pair was tipped for going long. Last week the pair recovered from the pullback in the week before. However, the daily and 4 Hour chart are showing consolidation in the MACD. There is a chance of another pullback if the momentum does not pick up in the coming week.
From a longer term view the pair found the uptrend again in week 18 after a strong pullback in March and April. The pair found support around the 23,6% Fibo level measured from the low of Jan 14 at 114,079 and the high of the day after at 138,870. The pair offered a good opportunity in week 19 week and (pending) orders have been opened for this pair. The CHF is a strong currency from a longer term perspective and has this week a currency score of 7. The JPY is a weak currency and has a currency score of 3 this week. With a Currency score difference of 4 and the CHF better classified it is an interesting pair.
- On the weekly(decision) chart the indicators are looking strong for going long.
- In the weekly chart the Ichimoku is meeting all the conditions.
- The MACD is in positive area and the histogram is showing increase of momentum.
- The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.
Ranking and rating list Week 26
Rank: 8
Rating: + +
Total outlook: Up
GBP/AUD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 21 where the pair was tipped for going long. Two weeks ago the pair succeeded to break through the highs of last February and to close above it in the Weekly chart. The pair looked definitely as a strong buy opportunity for last week and (pending) orders have been opened for this pair.
From a longer term perspective the pair found the uptrend again in week 18 after a strong pullback in March and April. The pair found support around the 38,2% Fibo level measured from the low of Jan. 20 at 1,83416 and the high of Feb. 2 at 2,0028. The pair looks interesting in the last 4 weeks and it seems to pick up the uptrend again.
- On the weekly (decision) chart the indicators are looking strong for going long.
- In the weekly chart the Ichimoku is meeting all the conditions.
- The MACD is in positive area and the histogram is showing strength.
- The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.
Ranking and rating list Week 26
Rank: 2
Rating: + + +
Total outlook: U
Possible positions for coming week
NZD/USD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 24 where the pair was tipped for going short. The pair looks several weeks interesting for taking short positions. It succeeded to break through the lows of February and March and the Daily chart is showing increase of momentum. It is a good opportunity for taking positions. The pair is however outside the Bollinger Band for several weeks in the Weekly chart, for that reason it seems best to wait for a pullback.
The NZD is an average currency and has the lowest currency score at the moment of all currencies. The USD has a pullback with a score of 6. With a score difference of 5 and the USD being better classified it remains an interesting pair.
- On the weekly (decision) chart the indicators are looking strong for going short.
- In the weekly chart the Ichimoku is meeting all the conditions.
- The MACD is in negative area and the histogram is showing increase of momentum.
- The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.
Ranking and rating list Week 26
Rank: 6
Rating: - -
Total outlook: Down
NZD/CHF
This pair will be analyzed in detail. The NZD found the downtrend at the end of April and reached the lowest currency score of 1 for several weeks. The CHF is clearly in an uptrend and is having a currency score of 6 or higher for 10 weeks now. The pair is clearly in a downtrend and it is gaining momentum. It broke convincing through a previous significant bottom of January 22 at 0,6441 It is a pair to monitor in the coming week.
- As can be seen in the Currency Score chart in my previous article of this weekend the CHF has a score of 7 and the NZD a score of 1.
- In the current Ranking and Rating list of this weekend the pair has a rank of 3. This list is used as additional information besides the Currency score and the Technical Analysis charts.
- Besides the general information mentioned the outlook in the TA charts also makes this an attractive opportunity.
Ranking and rating list Week 26
Rank: 3
Rating: - -
Weekly Currency score: Down
Based on the currency score the pair looked interesting since the beginning of May. Normally 3 months is the default period to check but in this case the NZD changed from a strong currency to an average currency in week 23 so an exception is made. The CHF is a strong currency from a longer term perspective. The NZD is an average currency from a longer term perspective and is getting a lot weaker in the last weeks, this offers an opportunity. With currently a Score difference of 6 and the CHF being better classified it is an interesting pair for taking positions in the coming week.
Monthly chart: Down
- On the monthly (context) chart the indicators are looking strong for going short.
- The Ichimoku is meeting all of the the conditions.
- The MACD is in negative area and gaining strength.
- The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.
- Since the monthly chart is used to get the context how that pair is developing for the long term the indicators are looking fine because they are showing strength in the current downtrend.
Weekly chart: Down
- On the weekly (decision) chart the indicators are looking strong for going short.
- The Ichimoku is meeting all the conditions.
- The MACD is in negative area and the histogram is showing momentum building up.
- The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.
Daily chart: Down
- On the daily (timing) chart the indicators are looking strong for going short.
- The Ichimoku is meeting all the conditions.
- The MACD is in negative area and gaining strength.
- The Parabolic SAR is short showing the preferred pattern of lower stop loss on opening of new long and short positions.
Total outlook: Down
NZD/CHF Weekly chart
If you would like to use this article then mention the source by providing the URL FxTaTrader.com or the direct link to this article. Good luck in the coming week and don't forget to check my weekly forex "Ranking and Rating list" and the "Currency Score".
DISCLAIMER: The articles are my personal opinion, not recommendations, FX trading is risky and not suitable for everyone.The content is for educational purposes only and is aimed solely for the use by ‘experienced’ traders in the FOREX market as the contents are intended to be understood by professional users who are fully aware of the inherent risks in forex trading. The content is for 'Forex Trading Journal' purpose only. Nothing should be construed as recommendation to purchase any financial instruments.