FX Review FxTaTrader Weekly Strategy Week 10 / Sunday 01-Mar-2015

1 March 2015, 20:00
Forex Technical Analyst Trader
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In this article I will provide my view on the AUD/USD, GBP/JPY, EUR/NZD, AUD/NZD, and the EUR/USD. 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 these 2 positions. The second position was closed last week because of the strong pullback in the pair. At the moment no positions will be opened anymore in this pair because the AUD/NZD seems to be a better opportunity.

  • 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 10
Rank: 6
Rating: - -

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 2. It is getting weaker again after the highest score of 6 in the week of Sunday January 25. With a Currency score difference of 4 and the GBP being better classified it is an interesting pair for taking postions in the coming week.

The level around 181 seems to be good to step in and the pair is showing a slowdown of the uptrend in the Daily chart. It is showing resistance from the 76,4% Fibo level measured from the low of 15-Okt-2014 at 168,010 and the high of 5-Dec-2014 at 189,712. In the Daily chart the PSAR is almost at the price level and once the PSAR reversed it is a good reason to expect some consolidation. So price is caught between the Fibo level and PSAR for the coming period.
  • 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 10
Rank: 5
Rating: + +

Total outlook: Up

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EUR/NZD

This pair will be analyzed briefly. 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 7. The EUR remains weak with a score of 1. It seems as an opportunity but the pair is down to the same level as a previous bottom of 16-Jan-2015 at 1,47866 where it had a strong rebound. For this reason no positions will be taken in the coming week, the EUR/USD seems to be a better pair to go short.
  • In the weekly chart the Ichimoku is meeting all the conditions.
  • The MACD is in negative area andgaining strength.
  • 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 10
Rank: 2
Rating: - -

Total outlook: Down

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Possible positions for coming week

AUD/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 7. The AUD remains weak with a score of 3. The pair broke through a previous bottom of 9-Jan-2015 at 1,03528 and this offers an opportunity for taking short positions. In the Weekly AUD/NZD chart below the Fibo levels can be seen and the first target is the 123,6% Fibo level at 1,0211. The 100% level is of 24-01-2014 at the bottom 1,04910 and the 0% level is of the month September 2013 at 1,16590.
  • As can be seen in the Currency Score chart in my previous article of this weekend the NZD is having a score of 7 and the AUD a score of 3. 
  • In the current Ranking and Rating list of this weekend the pair has a rank of 11. 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 10
Rank: 11
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 7. It seems as if the pullback in the currency has ended and it will pick up strength again. The AUD is a weaker currency from a longer term perspective and currently has a score of 3. The currency remains weak and it seems to stay this way in the coming period. With a Currency score difference of 4 and the NZD being better classified it is an interesting pair for taking postions in the coming week.

Week 10 01-Mar-2015 FxTaTrader.com Forex AUDNZD CurrencyScore


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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 short 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 AUDNZD Weekly W10 01-Mar-2015

AUD/NZD Weekly chart


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EUR/USD

This pair will be analyzed briefly. The USD is a stronger currency from a longer term perspective with a Currency Score of 8. The EUR remains weak with a score of 1. The pair is near a previous bottom but there is still almost 100 pips to go. For the coming week it seems interesting to take positions on pullback near the previous support level that is now a resistance being around 1,2700.
  • In the weekly chart 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.
Ranking and rating list Week 10
Rank: 1
Rating: - - -

Total outlook: Down

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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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