Mixed signal for the week.
Price is in a big range highlighted in grey. Price did break a support level, which is bearish (marked in yellow). The fact that price was not able to close above 1,10 puts my bias in favour of the bears. However, we have a Bulligh Engulging Pattern which is a bullish reversal signal. With the Non-Farm Employment Change this friday, I am not keen on trading this asset. There are valid reasons for bulls and bears. My bias is rather bearish with a close below support. Now price is testing this level as resistance. We may get a move well above 1,10 only to fall back and close below 1,10. If I happen to get a trade I will look to take profit rather sooner than later. A daily close above 1,10 might signal some strength. A nice profit target would be the bear fractal level.
EUR vs CAD
Mixed signal for the week ahead.
Price performed a nice bounce of range support and is heading back to range resistance. Basically I am bullish above 1,45. However, we are close to range resistance. As long the range holds, range tacktics apply. I am looking for a bounce off range resistance, If I find a long setup on a pullback, my profit target would be range resistance.
AUD vs CAD
Bearish bias for the week.
Price attempted a break of resistance, but failed to close above and formed a Shooting Star Pattern. This failed breakout puts my bias in favour of the bears.
CAD vs JPY
Bearish bias for the week.
My bias remains bearish. Last week formed an Inside Candle. A break below would confirm the bears.
AUD vs NZD
Bearish bias for the week.
EUR vs NZD
EUR/NZD is in a range highlighted with the grey square. Price did touch the yellow support zone and bounced off. We have a weekly Inside Candle. The bounce signals already that support is holding. My bias is in favour of a test of range resistance. The 1,55 level is interesting and may be the key level to keep an eye on. I am not interested in trades at the current level. If we get a move back to the yellow zone I'll get more interested. This is definetely a currency pair to keep an eye on on.
NZD vs CAD
My bias remains bullish for the week. But I am not as bullish as I was last week. Price is in the vicinity of the ATHs which I updated just recently. I'll be bullish on pullbacks (as long price remains above 0,95) and bearish the higher we get inside the red zone.
USDOLLAR
I do not trade this asset. But I like to keep an eye on this to gauge USD strength/weakness. Structurally the asset looks strong. However, price failed to break above the range which gives me a bearish bias for USD for the week. This translates to rather weak USD. This may be an indication that EUR/USD has a good chance to break resisance level highlighted with the yellow circle.
DAX30
Bearish bias for the week.
Price failed to break resistance and formed an Inside Candle. This puts my bias in favour of the bears. A break below would signify a bearish move back to former highs. The weekly close will give more light to the most porbable path of this asset..
EUR vs JPY
EUR/JPY is in a range since some time, which makes trading this asset rather difficult. I'll be only interested in this asset as price aproaches the edges of the range. Currently it seems like there is a good chance for price to reach range resistance. Last week closed as a Bullish Engulfing Pattern. As long price is in the middle of the range, I have no interest in this pair.
USD vs JPY
Price is at an interesting level. There is no signal on the weekly timeframe yet. While I see a chance of a run to range resistance on EUR/JPY I am rather bearish USD/JPY. The weekly close will shed more light. It will be interesting to follow the path of both EUR/JPY and USD/JPY. Normally both move in lockstep. If one moves higher while the other moves lower we'll have what I call market divergence.
USD vs CHF
Bearish bias for the week.
The Bearish Engulfing Pattern below 1,00 puts my bias in favour of the bears.
EUR vs AUD
This is an interesting asset. We had a break and close below support. Last week closed as a Bullish Engulfing Pattern with a strong rejection of lower prices. We normally get a break of a resistance follwed by a pullback. Here we may have the desired pullback. But it may also be a sign of a reversal. For now I see a pullback to resistance. As long resistance holds, my bias is bearish.
US Oil
Bearish bias for the week.
I have been following this asset for some time now and mentioned that I am looking for a close above or below the yellow zone to clearly define a bias. Now that we got the close below the yelow zone with a Bearish Engulfing Pattern, my bias is in favour of the bears.
Final note:
This week is filled with major news, with the most important one on friday. I am not keen on trading this week. I will be looking only for perfect setups. If I happen to get open a trade, I will be looking to keep my stops tight and will move them to Breakeven as soon as possible.
Happy trading,
TT
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