In this article I will provide my view on the CHF/JPY, GBP/AUD, NZD/CHF and the USD/JPY. 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
CHF/JPY
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 25 where the pair was tipped for going long. Last week the pair made a double top on monday after the previous top of June 9. Also the 4 Hour chart started to show weakness. Because of this the position was closed and a profit of 189 pips was made. The pullback seems of a temporary nature and the uptrend is still valid. However, as a precaution the open position has been closed.
From a longer term view the pair found the uptrend again in week 18 after a strong pullback in March and April. The pair found support around the 23,6% Fibo level measured from the low of Jan 14 at 114,079 and the high of the day after at 138,870. The pair offered a good opportunity in week 19 week and (pending) orders have been opened for this pair and closed last week. The CHF is a strong currency from a longer term perspective and has this week a currency score of 6. The JPY is a weak currency and has a currency score of 3 this week. With a Currency score difference of 3 and the CHF better classified it is 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 but the histogram is getting a bit weaker..
- 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 27
Rank: 27
Rating: =
Total outlook: Up
GBP/AUD
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 21 where the pair was tipped for going long. Three 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.
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 27
Rank: 2
Rating: + + +
Total outlook: Up
Possible positions for coming week
NZD/CHF
This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Week 26 where the pair was tipped for going short. The pair is clearly in a downtrend and it is gaining momentum. It broke convincingly through a previous significant bottom of January 22 at 0,6441. It is a pair to monitor in the coming week. The NZD is an average currency and has the lowest currency score at the moment of all currencies. The CHF is a strong currency and has a score of 6. With a score difference of 5 and the CHF being better classified it remains an interesting pair.
- 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 27
Rank: 4
Rating: - -
Total outlook: Dow
USD/JPY
This pair will be analyzed in detail. The pair succeeded last month to break through the highs of December 2014. This high was around 122 and this was a resistance level and now it has become a support level. In the last weeks the pair lost momentum but did not reach 122 and recovered again. It seems as this important support level has been tested especially after the rally of last Friday.
- As can be seen in the Currency Score chart in my previous article of this weekend the USD has a score of 7 and the JPY a score of 3.
- In the current Ranking and Rating list of this weekend the pair has a rank of 9. 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 27
Rank: 9
Rating: + +
Weekly Currency score: Up
Based on the currency score the pair looked interesting since the beginning of May. The USD is a strong currency from a longer term perspective. The JPY is a weak currency from a longer term perspective, this offers an opportunity. With currently a Score difference of 4 and the USD being better classified it is an interesting pair for taking positions in the coming week.
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 ans so is the histogram but it is showing a lower bar.
- 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 ara but the histogram is consolidating.
- 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 but the histogram is consolidating.
- The Parabolic SAR is short but showing the preferred pattern of higher stop loss on opening of new long and short positions.
Total outlook: Up
USD/JPY 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.