FX Review FxTaTrader Strategy Week 37 / 06-September-2015

In this article I will provide my view on the GBP/AUD. This is a pair that I am currently interested in or was interested in last weeks for trading with the FxTaTrader strategy.

The pair is clearly in an uptrend and it is gaining momentum. From a longer term perspective the pair has room to continue the uptrend. Around 2,300 are some previous bottoms in the year 2003 and 2005 so that was a support level and now a resistance level to watch.

• As can be seen in the Currency Score chart in my previous article of this weekend the GBP has a score of 4 and the AUD a score of 1. 
• In the current Ranking and Rating list of this weekend the pair has a rank of 7. 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 37
Rank: 7
Rating: +

Weekly Currency score: Up
Based on the currency score the pair looked interesting since the beginning of May. The GBP is a strong currency from a longer term perspective. The AUD is weak currency from a longer term perspective. With currently a Score difference of 3 and the GBP being better classified it is an interesting pair for taking positions in the coming week. The GBP is currently having a pullback as can be seen in the chart below, it seems like a good moment to step in before the momentum picks up again.


Monthly chart: Up

• On the monthly(context) chart the indicators are looking strong for going long.
• The Ichimoku is meeting all the conditions.
• The MACD is in positive area and gaining momentum.
• The Parabolic SAR is long and showing the preferred pattern of higher 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 uptrend.

Weekly chart: Up

• 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 gaining momentum.
• The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.

Daily chart: Up

• On the daily(timing) chart the indicators are looking strong for going long.
• The Ichimoku is meeting all the conditions.
• The MACD is in positive area and gaining momentum.
• The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.

Total outlook: Up

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.