FX Review FxTaTrader Weekly Strategy Week 28 / Sunday 5-July-2015

In this article I will provide my view on the GBP/AUD, NZD/USD, GBP/CAD and the AUD/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

GBP/AUD

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk21 and Weekly Review Strategy Wk25 where the pair was tipped for going long. Four 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 and a postion has been opened for this pair.

This position was closed last week with a profit of 302 pips. for more information. At the time of closing the pair looked weak with the 4 Hour and Daily chart showing some weakness and as a precaution the position was closed. However the pair succeeded in making new highs. At the moment the pair is outside the Bollinger Band in the Weekly chart and it seems overbought.

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 5 weeks and it is clearly in an uptrend.

• 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 28
Rank: 3
Rating: + +

Total outlook: Up


NZD/USD

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk24 where the pair was tipped for going short. A position has been opened for this pair. The NZD is the weakest currency with a currency score of 1 and the USD is at the moment the strongest currency with a score of 8. The pair broke through the most recent lows around 0,6785 and had a pullback to that level which is now a resistance level. This offered an opportunity and a position has been opened. If you are interested in the trades click here.
From a longer term perspective the pair succeeded on May 29 to close and break through the lows of February and March around 0,7170. Since then it remains an interesting pair for taking short positions.

• 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 28
Rank: 2
Rating: - - -

Total outlook: Down

Possible positions for coming week

GBP/CAD

This pair will be analyzed briefly, The pair is clearly in an uptrend and it is gaining momentum. From a longer term perspective it broke through a previous significant top of February 24 at 1,9556 and it closed slightly higher at 1,9561. It is a pair to monitor in the coming week. When trading with the CAD I also check the Weekly Crude Oil chart and this one looks like it is picking up again the downtrend any time soon in the coming period after the pullback that started in February and March.

The GBP is an strong currency and has a currency score of 7 at the moment. The CAD is an average currency and is one of the weakest currencies at the moment with a score of 2. With a score difference of 5 and the GBP being better classified it remains 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 28
Rank: 9
Rating: + +

Total outlook: Up

AUD/CHF

This pair will be analyzed in detail. The pair succeeded last week to break through the recent lows and this offers an opportunity. The pair may continue the downtrend towards the low of January 15 at 0,6832.

• As can be seen in the Currency Score chart in my previous article of this weekend the CHF has a score of 6 and the AUD a score of 3. 
• In the current Ranking and Rating list of this weekend the pair has a rank of 6. 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 28
Rank: 6
Rating: - -

Weekly Currency score: Down
Based on the currency score the pair looked interesting since the beginning of March. The CHF is a strong currency from a longer term perspective. The AUD is a weak currency from a longer term perspective. With currently a Score difference of 3 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 histogram is showing shorter bars but not of significance yet.
• 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 just entered also into negative area.
• 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. It is however above the signal line so it should get stronger..
• 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.