Weekly Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.
Click on the video to watch the full breakdown
Market conditions remain choppy. But we continue to stick to the trading plan for this week…
Here’s our shortlist of opportunities for the week:
NZD/USD – Sell
We had an entry as the market broke lower and retraced, but that didn’t hold. We’re now back inside a range. The break of the high hints and bullish again, but direction is still unclear. Waiting for tomorrow’s news to show us what the dollar wants to do.
GBP/NZD – Buy
Market didn’t hold the level and broke through. Let’s wait for lower prices, near the orange line, before buying.
EUR/JPY – Pending, after News
If the current zone produces a strong reaction, it’s a buy. If news spikes lower, and we break structure to the left, it’s a Sell idea.
EUR/CAD – Sell
We’re still inside the range. Do nothing, until one of the 3 scenarios drawn takes place.
Tomorrow’s news will tell us if we’re heading lower, or reversing to go higher. The buy will first need a momentum move up, and breaks of structures, to reverse the current downtrend. Again, patience.
AUD/NZD – Buy
We’ve come back down into a retracement area. This is ripe for a buy.
Gold – Sell
With unclear dollar, Gold is also choppy. Waiting for one of the two scenarios drawn to happen, before engaging. The preference is slightly to the downside.
This Week’s News Calendar
For tomorrow (Thursday), look out for:
EUR news – and how it combines with our EUR-based pairs. Stick to the bias we have and only engage if the news reaction lines up with the technicals.
See you on Friday for the review…
Written by: Dima Mihailovich, Technical Analyst for Forex Prop News
Contact and follow Dima on Twitter: @dimafpn
Image by grossgasteiger, on Pexels
(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.)