WEEKLY FX MARKET ANALYSIS EURGBP 7TH – 11TH JANUARY, 2019

This currency has been in a sideways direction since late 2017, and the channel has held its ground up to now. There have been a few false breaks of the channel but the breakouts could not be sustained.

The bulls dominated the market in the late 2018 only to show signs of exhaustion by the weekly pin bars that have formed over the last three weeks. The bulls’ weakness was further demonstrated by the numerous whipsaws and false breaks swing highs and the market price finally finding its way back to the sideways channel.

The bears eventually retaliated with a strong rejection at the resistance level, plunging the prices down which may be an indication of a change in sentiment.

Summary: Since the market prices are back to the sideways channel we will wait for further price action signal(s) to guide us on the direction bias of the pair.

FX MARKET ANALYSIS NZDUSD NZDUSD 17th – 21ST Dec, 2018 📈📊💰

The kiwi has been on a losing streak and this pair has been on a significant downtrend. We see a break of the support and the price has come back to retest the price. The doji forms followed by the bears who have dominated the market. Are we going to see a continuation? We will let the price give us more light in the behavior of this pair in the forthcoming days.

CURRENCY PAIR: NZDCAD 17th – 21ST Dec, 2018 📈📊💰

This pair has been on a strong uptrend and the momentum of this pair is prone to exhaustion. The quick bullish move has definitely started showing signs of weakness as the market reaches the resistance zone. The pair is indecisive and the bears seem alert. The market main trend is bearish and this is a classic pullback to retest the break of this support. Nevertheless we will watch out for the price to guide us further in order to pick a bias.

CADCHF(10th December to 14th December)

Analysis: A close look at this pair reveals that prices are have been consolidating and forming a symmetrical triangle. This is a strong indication of an eminent break-out of prices. Therefore, we should expect a breakout on either side of the triangle, that is either to the upwards or to the downside.

Summary: At this point we do not know the direction of the anticipated break-out, we therefore sit and wait for a clear price action signal after prices have broken out to decide on our bias on this pair, that is whether to go long or short.

EURAUD (10TH December to 14th December)

Analysis: Today we revisit the pair of EURAUD that we covered in our weekly analysis of the (26th November to 30th November). Recalling from our previous analysis of the pair, we take a look at how the market has traded since then, and how the pair is likely to trade this week, and the following few weeks.

From the charts we see that prices momentarily broke below the support of the prevailing ascending channel, only to rally up and end the week back in the channel. Furthermore, we have a confluence in that there is an imminent support/resistance level indicated by the horizontal. We will be watching this pair closely for precision at how prices will behave at this level, whether prices will move up past the level or if the pair will respect the resistance line and bounce back downwards.

Summary: We will be watching for price action signals/patterns to guide us on the direction that the pair will be trading, in order to pick the direction of our bias.

NZDUSD (KIWI) (3rd December to 7th December)

Weekly Analysis NZDUSD: We covered the analysis of this pair about three weeks ago. This week we revisit the pair, where prices reveals that the pair is trading at a significant weekly resistance level, which was previous support level. We are not sure if the pair will respect this level and reverse, and therefore we will be watching for price action patterns to confirm our bias.
Summary: This week and the following weeks we will be keen to watch if the pair will respect the near-term resistance level and reverse, or if the bulls will have enough power to push the pair up to the major resistance zone. We don’t open positions yet.

USDCAD (3rd December to 7th December):

Analysis: Price action analysis on this pair shows that it is has reached a major price ceiling/resistance level. A fakey candlestick pattern followed by a pinbar formed towards close of last week; which is a strong indication of an imminent market reversal at the resistance level.
Summary: We will wait for bearish confirmation candlesticks as the market resumes trading this week in order to confirm the trend reversal, and for us to go short on this pair.

GBPJPY (26th November to 30th November, 2018)

We have a confluence on this pair, i.e. a combination of more than one price action signals/patterns. A close look on the weekly time frame reveals a clear descending price channel coupled with a near-term support level at the price of 143.964.

Summary:  We’ll be keen to watch for reversal price action signals at this near-term support level to go long, unless the selling power pushes the prices on this pair further down, whereby we’ll rejoin the down-trend to the lower boundary of the price channel.

Weekly Analysis of Trade Set ups and Ideas EURAUD 26th - 30th Nov 2018

EURAUD (26th November to 30th November, 2018)

A close look at this pair’s weekly time frame reveals a well formed weekly price channel that has held grounds since January 2017 up to date. Prices have respected the boundaries of the channel. This week and the following weeks we’ll continue to watch for reversal price action signals around the upper and the lower boundaries to trade within the channel.

Summary: Unless prices break out of the channel, we’ll continue to trade along the price channel.

Weekly Analysis of Trade Set ups & Ideas USDCHF

USDCHF (19th November to 23rd November)

We analyzed this pair last week, and we are still on a ranging market. There has been a strong bullish rally but the US dollar might be losing its strength on this strong resistance zone which has held grounds for the last three years!!

Summary: The bears are taking control of this pair based on last week reversal candlestick. Therefore, we will be closely monitoring this pair for trend reversal price action patterns/signals to confirm our bias to go short on the pair.