AUDUSD
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: NEUTRAL
Price action has been messy this week. So far there's nothing worthy to take note of. I am still looking for a daily close below 0.7530 as indication that support has been broken. Alternatively, if price rallies up to resistance at 0.7890 then I will be look for opportunities to short again.
EURAUD
Monthly trend: NEUTRAL
Weekly trend: DOWN
Daily momentum: DOWN
Last week I talked about this pair testing both horizontal and trend line resistance on the weekly chart. This week a very good short trade formed on daily chart starting with decision on Monday followed by 4 days of strong selling. Unfortunately due to travel schedule, I was not able to check my charts at the close of Monday's candle. so I did not see this forming. After the move, I dropped down to as low as 1 hour to look for a possible entry but there was nothing that fit my risk tolerance. Now I am going to observe how price behaves as it hits 1.3730 support.
EURJPY
Monthly trend: NEUTRAL
Weekly trend: DOWN
Daily momentum: DOWN
This pair has been ranging between 130.90 resistance and 126.90 support for a few weeks and now daily momentum is indicating that price will test 126.90 support once again. Since this support level is also present on the weekly time frame, I am expecting that it would put up a fight. I am going to watch on the smaller time frames to see if price action would produce a reversal off this support level.
EURNZD
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: DOWN
Daily momentum has now lined up with the larger trends therefore I am going to look for shorts on this pair. Specifically, I am looking for a retracement where price goes up to test 1.4270 resistance. I will be watching this pair on 4 hour and daily time frames.
EURUSD
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: DOWN
There was a possible short trade on 12 hour chart Monday morning when price hit 1.1050 resistance. This week has seen strong selling and price has broken the short term uptrend and likely to test recent support at 1.0480 area again. A daily close below this would indicate another down move.
GBPAUD
Monthly trend: UP
Weekly trend: UP
Daily momentum: DOWN
Price has broken below daily support 1.9220 and is about to test weekly trend line support. GBP weakness leading to the UK general election in May could result in messy price action particularly when combined with weak AUD fundamentals. I expect a situation where both currencies are experiencing weakness to be messy and difficult to trade.
GBPUSD
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: DOWN
Price has closed below 1.4690 support and now daily momentum is pointing down as well. This is my preferred scenario for short trades. UK general election could be another catalyst for further weakness in GBP. I am looking for a retracement on smaller time frames if price does retest 1.4690 resistance again.
GBPJPY
Monthly trend: UP
Weekly trend: NEUTRAL
Daily momentum: DOWN
The symmetrical pattern on the weekly chart is still valid but only just. If price breaks below 175.49 then the pattern would be invalided.
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: NEUTRAL
Price action has been messy this week. So far there's nothing worthy to take note of. I am still looking for a daily close below 0.7530 as indication that support has been broken. Alternatively, if price rallies up to resistance at 0.7890 then I will be look for opportunities to short again.
EURAUD
Monthly trend: NEUTRAL
Weekly trend: DOWN
Daily momentum: DOWN
Last week I talked about this pair testing both horizontal and trend line resistance on the weekly chart. This week a very good short trade formed on daily chart starting with decision on Monday followed by 4 days of strong selling. Unfortunately due to travel schedule, I was not able to check my charts at the close of Monday's candle. so I did not see this forming. After the move, I dropped down to as low as 1 hour to look for a possible entry but there was nothing that fit my risk tolerance. Now I am going to observe how price behaves as it hits 1.3730 support.
EURJPY
Monthly trend: NEUTRAL
Weekly trend: DOWN
Daily momentum: DOWN
This pair has been ranging between 130.90 resistance and 126.90 support for a few weeks and now daily momentum is indicating that price will test 126.90 support once again. Since this support level is also present on the weekly time frame, I am expecting that it would put up a fight. I am going to watch on the smaller time frames to see if price action would produce a reversal off this support level.
EURNZD
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: DOWN
Daily momentum has now lined up with the larger trends therefore I am going to look for shorts on this pair. Specifically, I am looking for a retracement where price goes up to test 1.4270 resistance. I will be watching this pair on 4 hour and daily time frames.
EURUSD
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: DOWN
There was a possible short trade on 12 hour chart Monday morning when price hit 1.1050 resistance. This week has seen strong selling and price has broken the short term uptrend and likely to test recent support at 1.0480 area again. A daily close below this would indicate another down move.
GBPAUD
Monthly trend: UP
Weekly trend: UP
Daily momentum: DOWN
Price has broken below daily support 1.9220 and is about to test weekly trend line support. GBP weakness leading to the UK general election in May could result in messy price action particularly when combined with weak AUD fundamentals. I expect a situation where both currencies are experiencing weakness to be messy and difficult to trade.
GBPUSD
Monthly trend: DOWN
Weekly trend: DOWN
Daily momentum: DOWN
Price has closed below 1.4690 support and now daily momentum is pointing down as well. This is my preferred scenario for short trades. UK general election could be another catalyst for further weakness in GBP. I am looking for a retracement on smaller time frames if price does retest 1.4690 resistance again.
GBPJPY
Monthly trend: UP
Weekly trend: NEUTRAL
Daily momentum: DOWN
The symmetrical pattern on the weekly chart is still valid but only just. If price breaks below 175.49 then the pattern would be invalided.
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