Operations are back to normal now that we have the major holidays out
of the way. Quite a few good pairs to keep an eye on this week along
with a bunch of JPY related pairs as it continues on its mammoth trend.
Will it keep going? No one knows for sure but while ever it continues to
respect the ema zone on 4H/1D I will look for entries. No doubt the
daily charts will provide clues as the trend begins to slow and prepare
for a deeper retracement.
Here is a quick breakdown of what I am watching.
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JPY pairs 4H/1D – These all look very similar at the moment. Right now I am mainly watching the 4H charts as price is respecting the ema zone nicely. If we see pullbacks close through the 4H ema zone then I will switch to the daily and watch the ema zone for a deeper pullback. Avoid trading more than one JPY related pair at once due to correlation. Keep an eye on daily and weekly s/r levels.
EURUSD 4H – Price broke through the daily trend line towards the end of last week and retraced back into the trend line and ema zone. Watching 4H candle formations in the ema zone. What makes this trade risky is Fridays daily candle which formed as a bullish pin off the 1.3 support level. This certainly conflicts with the 4H setup. A less risky option would be to wait for price to break the 1.3 level and look to play a confluence trade on the pullback into 1.3000.
GBPAUD 4H – Two levels of interest here, 1.5357 & 1.5273. Looking for a confluence trade as price pulls back to 1.5357 + ema zone or waiting for a break below 1.5273 for a confluence trade on the following pullback.
EURCAD 4H – Strong move down last week, price come back to test the ema zone, looking for a further move down through support @ 1.2843 to play a confluence trade on the following pullback.
EURAUD 4H – Price sitting on a daily/weekly support area after a strong move down last week. Waiting to see if price will continue down through this area and if so will watch the following pullback for opportunities.
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Please note: This analysis covers the pairs I want to keep an eye on this week, this does not mean that there are not other possible trades, I just like to narrow my focus to a hand full pairs each week. We are not a signal service and you must make the effort to get in a routine and do your own analysis every week, it is the only way you will improve your skills.
Here is a quick breakdown of what I am watching.
———————————
JPY pairs 4H/1D – These all look very similar at the moment. Right now I am mainly watching the 4H charts as price is respecting the ema zone nicely. If we see pullbacks close through the 4H ema zone then I will switch to the daily and watch the ema zone for a deeper pullback. Avoid trading more than one JPY related pair at once due to correlation. Keep an eye on daily and weekly s/r levels.
EURUSD 4H – Price broke through the daily trend line towards the end of last week and retraced back into the trend line and ema zone. Watching 4H candle formations in the ema zone. What makes this trade risky is Fridays daily candle which formed as a bullish pin off the 1.3 support level. This certainly conflicts with the 4H setup. A less risky option would be to wait for price to break the 1.3 level and look to play a confluence trade on the pullback into 1.3000.
GBPAUD 4H – Two levels of interest here, 1.5357 & 1.5273. Looking for a confluence trade as price pulls back to 1.5357 + ema zone or waiting for a break below 1.5273 for a confluence trade on the following pullback.
EURCAD 4H – Strong move down last week, price come back to test the ema zone, looking for a further move down through support @ 1.2843 to play a confluence trade on the following pullback.
EURAUD 4H – Price sitting on a daily/weekly support area after a strong move down last week. Waiting to see if price will continue down through this area and if so will watch the following pullback for opportunities.
———————————
Please note: This analysis covers the pairs I want to keep an eye on this week, this does not mean that there are not other possible trades, I just like to narrow my focus to a hand full pairs each week. We are not a signal service and you must make the effort to get in a routine and do your own analysis every week, it is the only way you will improve your skills.