In this article I will provide my view on the EUR/NZD 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
EUR/NZD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 13 where the pair was tipped for going short. The NZD is a stronger currency from a longer term perspective with a score of 8. The EUR remains weak with a score of 1. With a Currency score difference of 7 and the NZD better classified it is an interesting pair.
The downtrend is still strong but there is a pullback in the last few weeks and this offers an opportunity. One position was opened on March 26 and it missed the profit target by 10 pips before price went up again. The pair recovered significant but seems to hold around 1,4530 which is a short term resistance.
- 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. The histogram is showing weakness but the the MACD is staying clearly below the (slower)signal line.
- 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 15
Rank: 17
Rating: =
Total outlook: Down
AUD/CHF
This pair will be analyzed in detail. Pending orders are placed to be opened on pullback but none opened yet. The CHF is an average currency from a longer term perspective with a score of 7. The AUD remains weak with a score of 1. The pair found the downtrend again a few weeks ago and the momentum can clearly be seen in the Weekly and more clear in the Daily and 4 Hour chart.
- As can be seen in the Currency Score chart in my previous article of this weekend the CHF has a score of 7 and the AUD a score of 1.
- In the current Ranking and Rating list of this weekend the pair has a rank of 2. 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 15
Rank: 2
Rating: - - -
Weekly Currency score: Down
Based on the currency score the pair looked interesting in the last 3 months. The CHF is an average currency from a longer term perspective and had in the last weeks a score between 4 and 7 with exceptions towards 2 and 8. The AUD is a weaker currency from a longer term perspective and had in the last weeks a score between 1 and 4. The currency remains weak and it seems to stay this way in the coming period. With currently a Currency Score difference of 6 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 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 but consolidating because of the current pullback.
- 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 almost all the conditions. However, the MA's crossed in the cloud and this should be by preference below the cloud.
- The MACD is in negative 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
AUD/CHF Weekly chart
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.