Marc Waldon

Weekly Forex Technical Analysis

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Weekly Forex Technical Analysis

Weekly Forex Technical Analysis

forex-currency-trading-300x131Hi, I was away unexpectedly last week and therefore missed the action, but looking at the charts I have to say that wasn’t a bad thing.

General $USA weakness, choppy markets and no real follow through is not my style of trading.

I prefer to trade from weekly and daily charts and if you are currently struggling I suggest you zoom out too. Look for major areas on these charts to avoid the general intraday “noise” and pick areas with multiple reasons to take trades.

I show in todays video a lot of these type of set ups, BUT a word of caution, only be in one trade at a time and set yourself a maximum % of your account that you are prepared to lose in a week. If you hit that area then walk away. The 1st priority as ever is to not lose your account.

Forex goes through periods when it is SO easy, the trick is walk away or be ultra conservative when it is not.

Forex Week Ahead

$/Sgp: We had an awesome run on this pair for 6 months as it simply bounced up and down within a major channel. However it broke back down, so what to do now? We are still not sure whether this a reversal or just a bigger pull back, but I will play it as follows:
More conservative entry is to short around 1.3550 for MULTIPLE reasons: 61.8% fib, trend line, major emas and we are in a down channel. More aggressive entry is to long (half stake at 1.3200 once again for multiple reasons (see the video)

Cad: Our 10 week running winning streak finally came to an end so what to do now? As I said a few weeks ago, the more conservative option was to wait for a bounce back up from the trend line around 1.200. I missed it but its certainly an area to watch intraday. A more conservative, forward order for me is to long at 1.1650, it seems unlikely right now, but again it has multiple reasons.

Euro/Yen Only looking to short still. 131.10 is a major area for me, if it fails I will look to short higher up. Final option is a break and weekly candle close below 127.00 followed by a pull back.

Aud/Nzd: I like the look of this both fundamentally & technically. There are multiple reasons to want to short at 1.0400 – see the video

Euro/$: 1.100 is an obvious place to short BUT if $ weakness continues it could pull back further. I am still only looking to short. Its messy at the moment though with the ongoing Greek problem. Keep your eye on the Chf for correlation

GBp/$: Too messy. The upcoming elections are causing jittery moves and yet it went up last week. Not for me until or unless it gets back up around 1.5500. If it does I will re-evaluate, if it doesn’t I will simply leave it alone

Aud: Still range bound on a weekly chart. Options for me, forward order to short at 0.8300 for multiple reasons, but seems unlikely now. Other option is a break and close (weekly candle) below 0.7580

Euro/Gbp: Usually one of my favourites but currently messy. 0.7400 of interest to short but will leave the nearer we get to the UK elections, also a Grexit solution or collapse could rock this and all Euro pairs.

$/Yen: Too messy, ignoring

Nzd/$: Multiple reasons (see video) why I will short if it reaches 0.7840

Gold, not my thing BUT in a major triangle. Make sure to check out Omars forum posts during the week for his detailed analysis on a Tuesday and Thursday for gold, oil and equities

New members please note: If I am looking to take a trade long, at for example 1.5000 , I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.

We are NOT a “tipping service” our aim is to teach you how to trade for yourself. 

This analysis was based mainly on technical analysis, be sure to check out Judith Wakers fundamental analysis to understand WHY price is behaving as it does and WHERE price is mor elikely to head next on lots of pairs: Fundamental Analysis: Fading Away

regards

Marc Walton

Weekly Forex Technical Analysis

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