Guess what? I forgot to open the trades again on demo account.. >_> Last week’s analysis post was made so fast that I forgot to do anything else, since I was rushing to get back to studying….But clearly, I was good on my forecasts, conditions were ignored for the most part, I redrew the fib lines on EUR/USD, which actually hit the new 61.8 level this week and came down. AUD/USD just blew past the 61.8 fib, so that’s gone… Anyways let’s start!
Mixed – Monthly Chart
Mixed – Weekly Chart
Mixed – Daily Chart
Mixed – H4 Chart
Technical Forecasts:
This week is full of contradictory forecasts…. since directionality is not sync’d. But I have conditions in place just incase they do sync up. I’ll reason the contradictions below. Conditions are basically based on the contradictions. For example, EUR/USD is short, with a condition if it doesn’t go short, the condition is to follow AUD/USD up. Likewise with AUD/USD, going long, the condition is if EUR/USD does short, then AUD/USD might follow it down despite technicals.
USD/CAD [Long(C)]: We’re at the weekly support lines, are we going to enter back inside the lower bound or bounce up to the stay in the weekly channel lines. Condition is on which direction EUR/USD goes, and if it follows (appropriately, i.e. EUR/USD down, this goes up).
AUD/USD [Long (C)]: Broke H4 downward channel. I never bothered with Elliot waves but if you look at the daily chart, this move looks pretty nice in terms of bounces. Anyways, broke monthly TL (middle black line) which isn’t surprising, not the first time price likes to flirt with it. Moving up, we’ve got a lot of room up to the upper bound of the weekly channel. Condition is on which direction EUR/USD goes, and if it follows.
GBP/USD [Long (C)]: As mentioned last week, the huge bearish gartley set up. We still have a lot of room to move up, so this could very well keep going up. Condition is on which direction EUR/USD goes, and if it follows.
EUR/USD [Short (C)]: 61.8 fib level hit + weekly channel line, shooting star pinbar seen on the H4 chart as well. If this is a rejection of this level, then the bull run of EUR/USD is done and the markets as a whole will stop rallying. As some people probably have noticed, the Dow, S&P, Nasdaq move along with the EUR/USD. If not, the condition is that it follows the rest of the pairs and continues to rally.
EUR/JPY [Long (C)]: Broke the H4 TL, which means nothing actually, there’s still the daily channel, which gives this a lot of room to move up. Condition is on which direction EUR/USD goes, and if it follows.