TV

Video: Forex Setups of the Week – GBP Strength, CAD Weakness & USD Melts

Weekly Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.

Click on the video to watch the full breakdown

The theme for this week is based on the overall strength and weakness of each currency, across multiple markets. After doing an analysis across the charts, here’s the summary:

  • GBP – strong
  • CAD – weak
  • USD – weak
  • JPY – weak

Of course, this could all change, but we trade what we see, not what we think, and therefore, the shortlist reflects the combination of these biases.

For practise, look at the above and write down what pairs you’d want to look at.

Combining the opposing strong and weak biases increases the probabilities of a direction playing out, whereas trading a pair where both currencies are strong/weak produces a ranging market.

As for the news calendar, the focus in terms of volatility is:

  • NZD
  • EUR
  • USD
  • Possibly CAD, because of the OPEC meetings (Canada being a major exporter of oil)

Now, as your second step, combine the pairs you just wrote down, with the news list. See what you end up with as the best charts to look for opportunities…?

We also have several high probability opportunities from last week, which didn’t play out, that could come to fruition this week, as the news ‘injects’ volatility into the markets.

  • AUD/NZD – the slow one, but this could still be a big move based on the higher timeframe, when price is right
  • AUD/CAD – the gradual one, so continue to observe until the right conditions are met
  • EUR/GBP – the messy one, but price action will indicate the intended direction

Watch the video for this week’s areas of interest and trade scenarios.

In this video we go over these opportunities for the week:

  • GBP/USD
  • GBP/JPY
  • CHF/JPY
  • GBP/CHF
  • AUD/CAD
  • AUD/NZD
  • EUR/GBP
  • EUR/CAD

Written by: Dima Mihailovich, Technical Analyst for Forex Prop News

Contact and follow Dima on Twitter: @dimafpn

Image by vecstock

(Please note: All comments made in this video and article are not trading or investment advice and are for education purposes only. You are responsible for your own decisions and the risk that goes with it.)

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