Weekly Forex outlook 10 September 2016

This week has been yet another week of patiently waiting for the right setup to trade. I was so close to being in a trade but the market did not agree with my analysis. I had a buy limit  to go long USDCAD on daily chart after 1.2830 support was tested on Tuesday and price action showed signs of strong buying power on Wednesday. My entry price was at 1.2846 but unfortunately price got to within 5 pips and then buyers stepped in.

This is a screenshot of the setup when my order was placed:

This is what it is now. Price has already hit the TP that I planned for. This is the reality of trading.Trading is about following a plan while realising that the plan sometimes will not get you in on profitable trades. The plan is not going to work each and every time.

For next week, I am looking at the following currency pair for potential trading opportunities (all charts are on daily time frame):

AUDUSD - Buyers were very strong at 0.7500 support level just 2 weeks ago. If price continues to drop to this level then I will be looking for opportunities to go long.

EURAUD - Friday's candle closed just above 1.4890 resistance. This level was tested recent and proved to be the point where sellers eventually took control after a long period of indecision. Since there is a daily close above resistance (even by just 6 pips), I am only looking on the daily chart for signs of indecision and possible reversal. As a systematic trader, my trading plan is black and white.

GBPAUD - Last week I talked about this pair getting close to 1.7760 resistance and this week it is still the same. This is a significant level according to my analysis. I will look to short if resistance holds and there are signs of strong seller pressure. Alternatively, if buyers were able to break through then I am going to look for a pullback to enter long (if it happens).

NZDUSD - Resistance level 0.7320 was broken on Tuesday and now there is a pullback to the same level. This time it could be acting as support. This is a typical continuation pattern that I trade. First I want to see confirmation of 0.7320 acting as support. Then I will be looking at price action on multiple time frames to find the pattern that I know how to trade.