Bearish bias for the week.
This is EUR vs USD weekly timeframe. Last week formed a Bearish Engulfing Pattern at an area of resistance. This puts my bias in favour of the bulls. However, keep in mind, price is inside the big range between 1,15 and 1,05. At the moment we don't know if price formed a lower high. A close below 1,05 would confirm this scenario. Being close to resistance, and having a bearish setup is sufficient to have a bearish bias for the week.
EUR vs CAD
Mixed signal.
This is EUR vs CAD weekly timeframe. Price did close below 1,40 however is sitting on top of support. Price was not able to violate the low of the Piercing Patteren. The bullish candle can be considered as a mother candle, which need to get violated. A close below the current swing low would confirm the bears.
AUD vs CAD
Mixed signal.
This is AUD vs CAD weekly timeframe. Price is at an interesting area. But there is no setup nor signal to define a bias. A close above the 61,8 Fib-Level would be a bullish signal. A failure to do so could be a bearish sign.
CAD vs JPY
Bullish bias for the week.
This is CAD vs JPY weekly timeframe. Price did bounce off range support and the 85 level and formed a rejection candle. Even though the last candle is not an ideal Hammer (Pinbar) it shows support at 85 is holding and there is buying pressure.
GBP vs CAD
Mixed signal.
This is GBP vs CAD weekly timeframe. This pair remains at a critical level. Last week showed once more the significance of the 1,65 level. Currently this is a wait and observe asset. If there is no developement I might take off my position and look somewhere else.
AUD vs NZD
Mixed signal.
This is AUD vs NZD weekly timeframe. AUD vs NZD made a strong performance last week. Basically I am bullish above 1,05 and espscially bullish after such a strong move. However, price is aproaching a resistance level. Price has been in the clear defined range for the secend half of 2016 until today. Until there is a violation of resistance my bias is either mixed or bearish below resistance.
NZD vs CAD
Bearish bias for the week.
This is NZD vs CAD weekly timeframe. Price did bounce off the ATH zone and closed below the 0.95 level. More importantly, the last candle closed as an outside candle comprising the two previous candles. The last week close can be regarded as a modified Evening Star Pattern. There is one thing that needs to be considered. It is support marked in red on the way down.
EUR vs JPY
Mixed signal.
This is EUR vs JPY weekly timeframe. There is no setup, hence mixed signal. However, the level EUR vs JPY is at, is intersting. As mentioned already, there is no setup, but we can see indecsion at support. Price is close enough at former the former high. This week close will give more information.
USD vs JPY
Mixed singal.
This is USD vs JPY weekly timeframe. We have about the same situation as in EUR vs JPY above. There is no setup yet. However an indecision candle at support (marked with grey rectangel). This week close will give us more information.
GBP vs JPY
Bullish bias for the week.
This is GBP vs JPY weekly timeframe. Price formed a Pinbar at support. This is not an ideal Pinbar, however it is a Pinbar at an interesting level. The lower wick shows rejection of lower prices. This pugs my bias in favour of the bulls.
USD vs CHF
Bullish bias for the week.
This is USD vs CHF weekly timeframe. Price formed a Bullish Engulfing Pattern at support and made a close above parity. This puts my bias in favour of the bulls. This is in line with the bearish bias on EUR vs USD. Adding to the picture USD vs JPY sitting at support would put more weithg on the bulls.
AUD vs USD
Mixed signal.
This is AUD vs USD weekly timeframe. Price is approaching resistance, however there is no setup yet. Last week close could be considered as a Hanging Man, but it is not ideally formed. And a Hanging Man needs to get confirmed. As price is approaching resistance I will keep an eye on bearish setups. The resistance zone I am observing is marked in yellow.
NZD vs USD
Bearish bias for the week.
This is NZD vs USD weekly timeframe. I was talking about this asset last week and that I will keep an eye on shor setups as it approaches resistance (here). While there was no setup last week, we do have a setup this week. Last week did close as a Bearish Engulfing Pattern at resistance.
USD vs CAD
Mixed signal.
This is USD vs CAD weekly timeframe. I have not talked about this asset for some time. Price is at an interesting level. 1,30 level seems to be a level that is tought to break. Last week formed as an Inverted Hammer. I do not like this pattern much, but it is a bullish reversal pattern. I am more interested at the level this asset is sitting at, that's why it is metioned this week. I am looking for a close above the horizontal red line to confirm the bullish bias. A close below the 1,30 level would be considered as bearish.
US Oil
Mixed signal.
This is US Oil weekly timeframe. US Oil and USD vs CAD are strongly negetavie correlated. If one goes up, the other goes down. Sometiems we can derive a bias by looking at the other. In this case US Oil confimrs only that price is at an interesting level and that it needs to go somewhere eventually. US Oil is sitting on top of support just below resistance, just as USD vs CAD is.
A cross currency analysis points to USD Strength. I would not take the overall USD strength as a sign to go long USD vs CAD and short US Oil. However, USD strength could be considered with USD vs JPY sitting at support. It puts more odds in favour of a bullish USD vs JPY.
Further, with AUD vs NZD approaching resistance, and a bearish bias on NZD vs CAD and bearish bias on NZD vs USD puts more weight on a weak NZD. This puts more odds in favour of resistance holding on AUD vs NZD.
Looking at AUD and CAD we can come to the conclusion that there are signs for AUD weakness and signs for CAD strength. This would put odds in favour that AUD vs CAD possibly might not break the 61,8 Fib-Level.
A final not on the cross currency analyis. The cross currency analysis is not designed as a setup. But it helps drawing conclusions on certain setups. It is designed to help the decison making process when trading. As an example, this helps me to avoid short positions on USD vs JPY. It does not mean that a short in USD vs JPY is not going to be profitable. Anything can happen in trading. However, it reduces my trading activity, which more than likeky is beneficial for my account.
Thanks for reading. If you have any question please leave them in the comments section below.
Happy trading,
TT
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