FX Review FxTaTrader Weekly Strategy Week 09 / Sunday 22-Feb-2015

22 February 2015, 19:52
Forex Technical Analyst Trader
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In this article I will provide my view on the AUD/USD, GBP/JPY and the EUR/NZD. 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.

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Open/pending positions of last week

AUD/USD

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk04 where the pair was tipped for going short. In week 4 the pullback offered a good opportunity and 2 positions have been opened. Profit was made on 1 positon of 1/2 Weekly ATR (88 pips) and another position remains open with a trailing stop. At the moment this open position has gained 109 pips. The pair is consolidating in the daily chart and this could well continue in the coming week.
  • In the weekly chart the Ichimoku is meeting all the conditions.
  • The MACD is in negative area but the histogram is showing some weakness.
  • 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 09
Rank: 28
Rating: =

The pair is very low in the Ranking and Rating list. As long as the direction does not reverse the short postions will be held.

Total outlook: Down

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GBP/JPY

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk07 where the pair was tipped for going long. The GBP is an average performer from a longer term perspective and currently has a score of 6. It is clearly getting stronger lately. The JPY is a weaker currency from a longer term perspective and currently has a score of 3. It is getting weaker again after the highest score of 6 in the week of Sunday January 25. With a Currency score difference of 3 and the GBP being better classified it is an interesting pair for taking postions in the coming week.

Last week a good opportunity appeared on Friday with price going down to 181,66 and recovering to 183,66. With a Weekly ATR of 386 pips and the profit targets of 1/4 and 1/2 ATR being used for this strategy it fits exaclty in the picture. However, the entry was placed lower and this opportunity was missed.
  • On the weekly(decision) chart the indicators are looking strong for going long.
  • The Ichimoku is meeting all the conditions.
  • The MACD is in positive area and it seems to have almost finished consolidating.
  • The Parabolic SAR is short but showing the preferred pattern of higher stop loss on opening of new long and short positions.
Ranking and rating list Week 09
Rank: 7
Rating: +

Total outlook: Up

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EUR/NZD

This pair will be analyzed in detail. The NZD is a stronger currency from a longer term perspective but had a pullback in the last period. However, it seems to be gaining strength again in the last 3 weeks with a score of 5. The EUR remains weak with a score of 2. A good opportunity may be when the pair tests again the resistance level around 1,5400 which was a support level in the week of 11 July 2014 and became a resistance in the week of 9 Jan. 2015. The pair succeeded to break through this level in the weeks after but is back again well below this level closing in the week of 13 Feb. 2015 at 1,5261.
  • As can be seen in the Currency Score chart in my previous article of this weekend the NZD is having a score of 5 and the EUR a score of 2. 
  • In the current Ranking and Rating list of this weekend the pair has a rank of 10. 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 it an attractive opportunity.
Ranking and rating list Week 09
Rank: 10
Rating: -

Weekly Currency score: Down
Based on the currency score the pair looked interesting in the last 3 months. The NZD is a stronger currency from a longer term perspective and currently has a score of 5. It seems as if the pullback in the currency has ended and it will pick up strength again. The EUR is a weaker currency from a longer term perspective and currently has a score of 2. The currency remains weak and this seems to stay this way in the coming period. With a Currency score difference of 3 and the NZD being better classified it is an interesting pair for taking postions in the coming week.

Week09 22-Feb-2015 FxTaTrader.com Forex EURNZD Currency Score


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Monthly chart: Down
  • On the monthly(context) chart the indicators are looking strong for going short.
  • The Ichimoku is meeting all the conditions.
  • The MACD is in negative area and it seems as picking up strength again.
  • 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 gaining strength.
  • The Parabolic SAR is long but 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 and showing the preferred pattern of lower stop loss on opening of new long and short positions.

Total outlook: Down

FxTaTrader.com EURNZD Weekly W09 22-Feb-2015 

EUR/NZD Weekly chart


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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".

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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. The choice and risk is always yours. Thank you.
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