FX Review FxTaTrader Weekly Strategy Week 18 / Sunday 26-Apr-2015

In this article I will provide my view on the EUR/NZD, AUD/CHF and the EUR/GBP. 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

EUR/NZD

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk13 where the pair was tipped for going short. The NZD is a stronger currency from a longer term perspective but is having only a currency score of 5 at the moment. The EUR remains weak with a score of 1. With a Currency score difference of 4 and the NZD better classified it is an interesting pair.

Last week positions were opened for this pair but unfortunately there was news regarding the interest rate for the NZD which had a negative effect on the currency. Although the stop loss is not tight at all and placed on a crucial level, when news like this comes around after just entering a position it is an unlucky situation. The entered position did not get the chance to go in profit and was not able to absorb this type of news.
Postions were closed because the stop loss got hit and the pair does not look interesting anymore for the coming week.

• 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 but the histogram is showing consolidation.
• 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 18
Rank: 19
Rating: =

Total outlook: Down

AUD/CHF

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk15 where the pair was tipped for going short. The CHF is an average currency from a longer term perspective but is getting stronger lately and has currently a score of 6. The AUD is a weak currency from a longer term perspective but is getting stronger also and has currently a score of 3. With a Currency score difference of 3 and the CHF better classified it is an interesting pair.

Last week positions were opened for this pair but unfortunately also for this pair there was news regarding the interest rate for the CHF which had a negative effect on the currency. Also here, although the stop loss is not tight at all and placed on a crucial level, when news like this comes around after just entering a position it is an unlucky situation. The entered position did not get the chance to go in profit and was not able to absorb this type of news.
Postions were closed because the stop loss got hit and the pair does not look interesting anymore for the coming week.

The pair found the downtrend in March but was consolidating a few weeks ago. It seems as if the consolidation is ending and downtrend may resume again in the coming week.

• 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 but consolidating with the MACD above the signal line and weakness in the histogram.
• 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 18
Rank: 20
Rating: =

Total outlook: Down

Possible positions for coming week

EUR/GBP

This pair will be analyzed in detail. The GBP found the uptrend again and the EUR remains weak from a longer term perspective. The pair is clearly in a downtrend and had a pullback in the last weeks. The downtrend seems to resume again in the Weekly and Daily chart. 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 GBP has a score of 8 and the EUR a score of 1. 
• In the current Ranking and Rating list of this weekend the pair has a rank of 1. 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 18
Rank: 1
Rating: - - -

Weekly Currency score: Down
Based on the currency score the pair looked interesting in the last 3 months. The GBP is a strong currency from a longer term perspective and although the score was very low in the previous weeks it seems, based on the different TA charts, as if the currency will remain in the coming period at the right level. The EUR is a weak currency from a longer term perspective and had in the last weeks a score of 1 and 2. With currently a Score difference of 7 and the GBP 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 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 gaining strength.
• The Parabolic SAR is not short 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 almost all of 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

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