ForexWeeklyAnalysis

ForexWeeklyAnalysis

Reminder: both pairs are negatively correlated, so if one goes up, the other goes down. Having said that, if one keeps going up, the other one will keep going down as well. Both pairs are coming up on levels of interest. USD/CHF bounced off a resistance level today (0.8900) but I'm waiting to short the 50% fib level at 0.892X. The 0.8900 to 0.892X region is...

ForexWeeklyAnalysis

I'm not surprised that price bounced a bit today given we had 5 prior red days but we're not really at the absolute buy zone yet in my opinion. Compare the boxes: left box shows price bounced after having several red days and formed a green pinbar, which was pretty good for bulls but price still went down the following 3 days. The 3rd day had a spike down before...

ForexWeeklyAnalysis

Given that I messed up my previous analysis, which yielded a net loss of 0.9% (not a big deal) and having exited at 0.9220. I will be trying another short position at 0.933X, which is where the 61.8% fib level is. However, based on how today's candle closed, it may not have the power to get there. At the very least, I expect a retrace to test the highs before...

ForexWeeklyAnalysis

Daily: We're near the top of the upward channel, 0.8725 is the level to watch. Weekly: Two scenarios - upward channel or wedge. Difference between them is 100 pips, wedge puts us at 0.8740 and upward channel puts us at 0.8840, which is also 2011 high. The 4th chart with the fib levels is just a filler, no real significance other than showing that price broke above...

ForexWeeklyAnalysis

For some reason it didn't publish all the charts, so I tried posting again:

ForexWeeklyAnalysis

I don't know if it's just my luck but the past 2 times that I've analyzed this pair, price never hit my entry zone, so will price finally hit my zones this time? Both analysis in the past utilized the lowest trend line: Ideally I'd like to load longs at the lowest trend line (as I have tried in the past) but price may not get there. So, this time, we have 2...

ForexWeeklyAnalysis

From a short term perspective, there's a possible head and shoulder scenario for pending shorts at 0.860X for NZD/USD. However, from a long term perspective, I've had a short bias for some time now. Refer to my analysis earlier this month: As per my previous analysis, it's totally possible for price to continue moving up to the high 0.86XX region for more...

ForexWeeklyAnalysis

Given my view on EUR/USD long and AUD/USD short, the reasoning behind this trade should be self explanatory. If that wasn't enough, we also have the green box as support region. Considering this is a cross pair, you'll want to load less than your normal position size with a wider stop. Target would 1.55XX, even with a 100-150 pip stop loss, you're looking at 3:1...

ForexWeeklyAnalysis

Best place to load longs would be along the ascending trend line and either swing for ~30-45 pips at the resistance or hold for breakout of the ascending triangle. Consider exiting if price closes below the ascending trend line. Disclaimer: I'm holding a long position from 101.35, with SL at BE+15 at 101.50.

ForexWeeklyAnalysis

Depending on how you draw the rising wedge (red), the loading zone for shorts ranges between 0.9140 up to 0.9180 ish. Consider exiting if price closes above 0.9200. First target would be the lower trend line coming in at low 0.90XX, below that would be 0.89/0.88. An alternate view would be the blue ascending triangle within the rising wedge, which is why this is...

ForexWeeklyAnalysis

This is an updated chart from my other analysis here: (Low 1.38XX will decide if EUR/USD had a fake breakout or not) - High 1.37XX region is 38.2% fib level (price did puncture but has closed above it on daily and weekly charts) - Mid 1.37XX region is Thursday's low - Low 1.37XX region is the 50% fib level - Mid 1.36XX region is the 61.8% fib level and...

ForexWeeklyAnalysis

- Mid 1.64XX is the 61.8 fib level of the recent upswing, which is also where the green trend line is (projected trend line from the top and a real trend line based on lows) - Low 1.64XX is where the red trend line is (projected trend line from the top and this also represents the same drop as we had previously of 411.4 pips). I would put a hard stop loss at...

ForexWeeklyAnalysis

Short term short on USD/CHF in the 0.883X region based on daily downward trend line. This trade is dependent on EUR/USD's trend line holding the 1.38 level. Considering the iffy nature of the trade, I'd use a small stop loss of 25-50 pips only. Target would be low to mid 0.87XX region but again dependent on how high EUR/USD goes. PS: I already have an entry at 0.88374.

ForexWeeklyAnalysis

If the low 1.38XX region holds, then the breakout may be 'real' provided price manages to break and hold above the 1.4000 level. If it holds, this would be a nice opportunity for a possible long as well. Stops would be placed below the red trend line. NOTE: If this idea 'unfolds' and ends up being true, it will void my other analysis regarding EUR/USD short from...

ForexWeeklyAnalysis

Possibly short term long if low 0.85XX region holds. Note the green trend line and support region. Target 1: Previous high of 0.863X/4X Target 2: 0.866X region (161.8 fib extension) SL should be placed below the support region. Note the word 'short term', I'm still looking to short the 0.866X region if we ever get up there.

ForexWeeklyAnalysis

First entry: mid 1.65XX region (potential bullish flag, created via parallel line from top trend line) Second entry: mid 1.64XX region (long term upward trend line) Trade is considered void if price closes below 1.6400. First target: mid 1.67XX region Second target: 1.7000 This trade is more suitable for position traders than it is for day/swing traders.

ForexWeeklyAnalysis

Wait for price to hit the lower trend line in the mid 1.65XX region for a possible long, this is in line with the 50% fib level, coming in at 1.653X. Target: mid 1.67XX region, which will be approx 200 pips profit. I would consider risk 50 to 100 pips on this trade for a possible 2:1 or 4:1 risk reward.

ForexWeeklyAnalysis

I mentioned I won't bother posting cross pair analysis because it takes too long to analyze so I'll just keep this short. Best possible entry for longs is at the bottom of the wick of January's Candle coming in at low 1.05XX region. Given my view on a pending long on AUD/USD along with my short position on NZD/USD, both combine to give a pending long on AUD/NZD....