moneytree123
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AUD/USD
The AUD/USD has now been in a consolidation pattern since the beginning of February with just a couple of small breakouts at either end of the trading range. The Future of the Ozzy looks limited in terms of how much higher this can go with the current economic climate and is very dependent on the growth of China. I think we will once again see downside at the beginning of the week which will be limited to 8950 and could possibly bounce off that price again to rest above the 9050 level again by the middle of the week; not seeing very much progress. The monetary policy meeting on Tuesday morning could be a profitable opportunity depending where the price is by Monday evening. If however we get the 9100 becoming support later in the week then buying opportunities could present themselves for the longer term trader.
EUR/USD
Very slowly the EUR/USD is venturing higher; with a new yearly high last week to 13967 I still believe the doors have opened up to 14250. How quickly we see that price will depend on the sentiment next week going into some major German Announcements. The pair seems to have found a strong support base at 13850 so using this level as a key pivot in the trend will determine next week's trading direction. Buying at around this price will not be a mistake, however buying at the top of the trend could be problematic as the support from mid 2011 spans a good 200 pips and will be an area prone to large pull backs.
GBP/USD
The GBP/USD has been very profitable for those range traders of late but people looking for trends would be a little lost. The breakout of a rising trend line on Monday last week may have given false hopes as it quickly retraced back to 16700 only to drop again to 16600. There is a reassuring double bottom pattern forming on the 4 hour chart which could be an indication that the upside is about to win the battle but I wouldn't rule out a big drop this week back to 16400. We have come a long way since mid 2013 and I feel it is time for a bigger time frame retracement before we reach the 17000.
USD/CAD
Not much has changed since last week therefore neither has the analysis. Still expecting this to reach the 10735 before rebounding to new highs, the key levels to see broken are the 11050 for sell trades and 11200 for buy trades until this 150 pip range is adjusted we are stuck for a safe entry price.
USD/CHF
We have truly broken through the weekly support level now and it has shown that it wants to become resistance. Only 120 pips off the first target of this downtrend it is important to try and take a sell trade next week. Hoping again to see an 80 pip up move to get in for the sell at 8800 but be aware 8820 and 8900 could easily be reached with the volatility on the Economic calendar next week.
USD/JPY
After the promising up move the week before last things where starting to look up. However last week's return to 10130 has caused a fairly irregular pattern. Although hopes lie with the bounce off this support level I think trading the USD/JPY on the side of caution next week could be the better option. If the downside breakthrough of 10100 comes early in the week then selling this pair on the pull back will be the best option. However, if the bulls return we may have to wait until back above 10200 before making a decision.
This analysis is courtesy of BOAFX Trading Signal Solutions
The AUD/USD has now been in a consolidation pattern since the beginning of February with just a couple of small breakouts at either end of the trading range. The Future of the Ozzy looks limited in terms of how much higher this can go with the current economic climate and is very dependent on the growth of China. I think we will once again see downside at the beginning of the week which will be limited to 8950 and could possibly bounce off that price again to rest above the 9050 level again by the middle of the week; not seeing very much progress. The monetary policy meeting on Tuesday morning could be a profitable opportunity depending where the price is by Monday evening. If however we get the 9100 becoming support later in the week then buying opportunities could present themselves for the longer term trader.
EUR/USD
Very slowly the EUR/USD is venturing higher; with a new yearly high last week to 13967 I still believe the doors have opened up to 14250. How quickly we see that price will depend on the sentiment next week going into some major German Announcements. The pair seems to have found a strong support base at 13850 so using this level as a key pivot in the trend will determine next week's trading direction. Buying at around this price will not be a mistake, however buying at the top of the trend could be problematic as the support from mid 2011 spans a good 200 pips and will be an area prone to large pull backs.
GBP/USD
The GBP/USD has been very profitable for those range traders of late but people looking for trends would be a little lost. The breakout of a rising trend line on Monday last week may have given false hopes as it quickly retraced back to 16700 only to drop again to 16600. There is a reassuring double bottom pattern forming on the 4 hour chart which could be an indication that the upside is about to win the battle but I wouldn't rule out a big drop this week back to 16400. We have come a long way since mid 2013 and I feel it is time for a bigger time frame retracement before we reach the 17000.
USD/CAD
Not much has changed since last week therefore neither has the analysis. Still expecting this to reach the 10735 before rebounding to new highs, the key levels to see broken are the 11050 for sell trades and 11200 for buy trades until this 150 pip range is adjusted we are stuck for a safe entry price.
USD/CHF
We have truly broken through the weekly support level now and it has shown that it wants to become resistance. Only 120 pips off the first target of this downtrend it is important to try and take a sell trade next week. Hoping again to see an 80 pip up move to get in for the sell at 8800 but be aware 8820 and 8900 could easily be reached with the volatility on the Economic calendar next week.
USD/JPY
After the promising up move the week before last things where starting to look up. However last week's return to 10130 has caused a fairly irregular pattern. Although hopes lie with the bounce off this support level I think trading the USD/JPY on the side of caution next week could be the better option. If the downside breakthrough of 10100 comes early in the week then selling this pair on the pull back will be the best option. However, if the bulls return we may have to wait until back above 10200 before making a decision.
This analysis is courtesy of BOAFX Trading Signal Solutions
