I will be adopting additional risk management leading up to
the UK referendum on Thursday 23 June. Capital risk (position size) for GBP
pairs will be reduced by 50% for all trades taken in the next 2 weeks. This
will apply to my Growth and High Risk account. These are the currency pairs that
I watching for next week:
EURAUD – Support at 1.5200 has been holding up last week but
price action is still showing a lot of selling pressure. A daily close below
1.52 could be a sign of support breaking. If support is broken then I will be
looking for opportunities to sell. Alternatively if there is a daily close
above 1.5300 then I will be looking for opportunities to buy.
GBPJPY – Support at 151.50 was tested on Friday and price
finished the week above it. This is a key level to watch because a break below
this would mean a new yearly low for this pair. If there is sign of strong
buying pressure above this level then I will be looking for opportunities to go
long.
USDCAD – 1.2830 support has been taken out and now it could
be acting as resistance. If there is a pullback to this level again then I will
be looking for signs of strong selling power below resistance to enter short.
NZDUSD – On the 4 hour chart, there is a possible
continuation long trade at 0.7050 support for Monday. This is a previous
resistance level which was recently broken last Thursday. Depending on the size
of the opening gap when market opens, I will looking at scenarios to enter long
on Monday or wait until end of Monday to have a lower risk entry.
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