Performance Tracking

AUDITED TRACK RECORD - VERIFIABLE ACCOUNT STATEMENTS - TRADING REAL MONEY




Sunday 16 October 2016

Weekly Forex outlook 16 October 2016

The Australian Dollar has been strong in the last week, breaking through key support resistance levels on many pairs that I trade. These are the possible trading opportunities that I am watching for next week:

AUDJPY - Resistance at 78.90 has been tested many times last week and was broken on Friday. Price has made a significant higher close. If resistance turns into support, there could be an opportunity for me to go long if price retraces back to test this level again.



AUDNZD - The opportunity on this pair is very similar to AUDJPY. A break of resistance offers a possible long entry if a retracement occurs. I will be looking for evidence of 1.0730 acting as support together with strong buying power before I plan my trade.



EURAUD - This pair created a new yearly low on Friday which is also a sign of 1.4430 support breaking in my analysis. I will wait until the Monday's daily candle to close before reviewing this pair again. Depending on how price moves on Monday, I could be entering short or long. I need more confirmation to better assess the risks. Next Thursday will have interest rate decision for EUR and I will not trade EUR on that day.



GBPJPY - Since the big drop from 2 weeks ago, this pair has been slowly crawling up. Resistance at 128.70 could be in play next week if buyers continue to push up. I will be monitoring this pair on multiple time frames for opportunities to short if I can see signs of strong seller pressure below resistance.



No comments:

Post a Comment