Just before we start, I figured out what to use the Newsletters for… these FX weekly analysis. Should be good, I’ll send them out every Saturday. Plus, I’ll send other important broker features/promo’s etc when I get them.
Aha! So, it is possible to be imperfect lol. I got my first loss in the forecasts “officially”, technically speaking, LOL. I can write it off again but I won’t, I’ll just take the loss. I was right overall (I think?) on the start of the reversals though. So let’s see what I think this week:
As you can see, that 1 loss is lowering the average by like 6.25%! (lol), onto the charts!
Monthly Chart
Weekly Chart
Daily Chart
H4 Chart
Commentary/Technical Forecast:
No conditions this week! Just the forecasts, I think I’ll be ok unless some news gets out and screws me over.
USD/CAD [Long]: Although not drawn, you can see on the H4 chart that the previous tops of the past 5 weeks have been broken with this week’s top. Thus, a reversal is in sight since this is happening, the weekly channel lines may have been drawn incorrectly as stated last week. The lowest points (so far if I’m right) occurred this week. So, I’m guessing I drew the support lines slightly higher than they should be. The weekly channel is a 400-500 pip range between sub-par to near 1.04 ish, so this should set us up for the coming weeks.
AUD/USD [Short]: Daily resistance + monthly trendlines have been hit and bounced off. These levels were actually hit last week already (just like GBP/USD). So, the reversal took place this week. We’re not totally in the clear yet though, there’s one H4 trendline left to break before we make a new low/high to start the reversal. Going forwards, I would like to see the monthly trendline continue to hold while the H4 upward trendline to break.
EUR/USD [Short]: This was the outlier this week, because it didn’t hit the resistance levels last week like AUD/USD and GBP/USD did. So, since it had to wait until this week to hit those levels, it started to reversal later than the other two. But the levels held from what I can see this week. Bounced off the daily and the H4 trendlines. I got a little creative with the daily trendlines and drew all sorts of downward trendlines on the daily chart. There are a lot of trendlines to show a downward channel, so if it decides to play nice, it’ll reversal this week like AUD/USD and GBP/USD.
GBP/USD [Short]: Clearest chart to look at is the H4 chart. Last week, we hit the daily levels, this week tried to test them again but refused to close above it then eventually bounced back down towards the end of the week. Assuming these levels hold, this should have no issues reversing this week, since it already broke the upward channels from previous weeks.
Until next time, Good Luck trading!
Brian