AUDJPY - Resistance at 81.50 has been broken during the week but price action is still showing a lot of selling pressure. Thursday's and Friday's candles show that buyers and sellers are still struggling it out for control. At the moment, my analysis favours a long trade more than a short trade. This is because price action in the last 5 weeks show that buyers have been stronger than sellers. I am waiting to see how Monday's candle turn out before deciding on my next move.
AUDUSD - Support at 0.7440 was broken this week and sellers are in total control for the last 3 days. If price pulls back to 0.7740 then it could be an opportunity for me to enter short if this support levels turn into resistance.
EURAUD - This pair finished the week just under 1.4430 level. This has been a very strong support level for much of the year therefore it could now be acting as resistance. Despite the recent messy price action, there are still signs that it is a significant level for me to trade from. Going into next week, I am monitoring this pair on multiple time frames looking for signs of strong selling pressure below resistance to go short.
EURUSD - I'm looking at the weekly chart here and price is getting close to 1.0520 long term support level. Seller have been strong in the last 2 weeks therefore I only would consider a reversal long trade on daily or weekly time frames. Smaller time frames carry more risk than I can handle in this particular case. Let's see how it turns out.
GBPAUD - Resistance at 1.6720 has been tested and broken through. This setup has almost meet all of my entry criteria for a long trade. I need to see how the weekend gap (if any) would affect the numbers for entry and target that I have planned. My stop would be below 1.6400 which is the last swing low.
GBPJPY - Buyers continue to push price up after the US election and now it is close to 138.60 resistance. I want to see evidence that resistance holds up as well as selling pressure below resistance to enter short.
USDJPY - Similar to GBPJPY above, this pair has been on a strong uptrend since the US election. Price is now very close to 111.20 resistance level. This is a strong support resistance level in my analysis with a lot of strong movement away from it earlier on in the year. My approach here is the same as my plan for EURUSD (see above): I only would consider a reversal long trade on daily or weekly time frames because Smaller time frames carry more risk than what my trading plan is designed for.
