Hi everyone,
I’ve been unwell for the last few days and unable to do the
weekly video. It's now Monday evening and I'm not going to get better so here’s the script for the video that I intended to do:
AUDJPY daily chart– 86.40 support level has been tested many
times in the last few weeks and was broken on Wednesday when a daily candle closed
below it. I am watching for a retest of this level for opportunities to short
while keeping in mind that I must wait after Tuesday to trade because of
interest rate decision for AUD.
AUDNZD daily chart – My short from 2 weeks ago hit its
target on Friday for +180 pips or +1.8R gain. I have support at 1.0500 which
price got to on Friday. I favour a long trade at support if price action
shows signs of strong buying. A daily close below this level would have me a
short trade instead, with target at 1.0350 support.
AUDUSD daily chart –
This pair is showing conflicting signals for me. On one hand, price has broken
0.7220 support and sellers were strong towards the end of the week. On the
other hand, I see a pattern of higher high and possibly higher low if price
does not reach 0.7000 . I am going to stand aside for now until Wednesday and
review this pair again. The ideal scenario that I would want to be trading is
price comes up to 0.7720 resistance and I see strong signs of sellers in
control.
GBPAUD daily chart – Price closed well above 2.1420
resistance on Thursday so this level has now turn into support for me. I will
look to buy on a pullback to support if price action shows signs of strong
buying power. Again, interest rate decision for Australia on Tuesday is the
event that I will wait out before entering trades.
USDCAD daily chart – This pair finished the week right on
top of my support level at 1.3050 so I will be looking to go long from here. Monday’s
candle is not enough for me to enter the trade. I want to see strong buying
power from Monday and Tuesday before considering options to go long.
USDJPY daily chart – The market showed typical reactionary
behaviour after FOMC and price action has been very messy towards the end of
last week. Support at 120.40 is still in play so I will wait for Monday’s
candle to close before deciding if there is an opportunity to go long at
support or not.
Last pair on the list is NZDJPY. There was a potential long
trade at 80.70 support after Thursday’s daily candle closed as indecision. However
the setup did not meet all of my entry criteria so it was not taken. Friday’s
candle showed that buyers were very strong so perhaps another missed
opportunities but my trading rules are meant to keep me safe and the price I
pay for that is reduced potential profits.
The most important event on the calendar next week for me to avoid is interest rate decision for Australia on early Tuesday morning. As I have got quite a few AUD pairs on my watchlist, I am going to wait for Tuesday to pass before considering any trade. Thursday has interest rate decision for the UK and Friday is non-farm payroll which is the star of the show. It's shaping up to be a volatile week to kick off November.