Nothing much to update on, classes are over now and final exam period is starting next week. I started to revamp the series yesterday, so depending on how much I can do tonight and tomorrow, I may be able to launch Financial Trading School. Anyways, onto this week’s FX analysis…
Commentary / Technical Forecast:
USD/CAD [Long (C)]: This pair sucks! LOL, looking at the daily chart, we’ve been stuck in this range since the end of January, 2012. As expected though, the forecast ended up negligible since it didn’t move relative to the starting point but as usual, I’m still forecasting long. I doubt the Bank of Canada would allow a strong CAD since that would hinder our exports and thus, affect Canadian GDP. Conditions still play on whether or not the supports are broken to the down side.
AUD/USD [Short (C)]: This was negligible like USD/CAD this week since it barely moved down. According to the H4 and daily charts, we have some more downside until the monthly TL comes into view for a bounce up. But, according to the daily and monthly charts, AUD/USD already touched the monthly TL. So, that’s the condition in play. Depending on which time frame chart is right, that’s the determination for more downside (or up) action.
EUR/USD [Short (C)]: Last week was a stupid correlation forecast, I was right on the money for the upward movement to the daily TL and then back down we went. I didn’t draw a line but daily chart shows a support of the past 2 bounces, if support is broken then possibly more downside. If not broken, it could range or go up because keep in mind, the higher TFs already show a broken TL.
GBP/USD [Short (C)]: Correlation trade to the EUR/USD this week lol. I guess I drew the monthly TL wrong for last week because it came back down. But this could possibly also be a pullback to touch the monthly TL before heading back up again depending on which time frame you’re looking at. EUR/USD is usually the leader, so we’ll see which direction the Euro wants to take. Conditions depend on the monthly TL acting as support or resistance.
Until next week, Good Luck Trading!