EUR/GBP:
Possible new short position at higher level.
The EUR/GBP is having a strong pull back and may even have bottomed in
the short term. New short position is in place to be opened in case
price goes higher. Profit target for this new position will be 1/4
Weekly ATR. The pair is now in the 4H. chart above the Ichimoku cloud
and the MACD is in positive territory. The Daily chart is however still
showing the bearish trend and for now this remains the longer term view.
The AUD/USD met resistance around 0.8745 and seems to be going down
again. Most probably no new positions will be opened for this pair. The
profit targets
for both pairs are for the first trade above the temporary lows of the
last weeks and initially set to 1/2 Weekly ATR.
Analysis based on TA charts for all the major currency pairs. Good luck to all. No advice, just info. Visit FxTaTrader.com for more info and Disclaimer. Every week the Forex ranking rating list will be prepared in the weekend. All the relevant Time Frames will be analyzed and the ATR and Pip value will be set.
There will be 2 updates during the week on
Tuesday and Wednesday. The Daily and 4 Hour chart will then be analyzed
and updated.
This makes that there will be no more than 48 trading hours between
each update. This is a reasonable period when considering that the
smallest time
frame used is the 4 hours, meaning 12 price bars/candlesticks.
The Forex ranking and rating list is meaningful data for my FxTaTrader Hybrid Grid strategy. Besides this list I also use the Currency Score which is available once a week on this blog also together with my weekly analysis on my Hybrid Grid Strategy.
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Although the explanation may seem simple and clear there is always risk involved. I added a disclaimer to my blog for this purpose. If you 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.
