Sunday Forex Analysis
I'm aiming to spend a few hours each sunday analysing the forex charts more so I have a better outlook for what to do the week ahead.
I thought I'd share my views here for a number of reasons.
- To help others understand the charts more.
- To open up discussion and point out any errors or flaws in my views.
- Shared learning!
Remember though, these are just my views and I've no crystal ball! Please ensure you do your own research before acting upon my opinions.
https://steemit.com/crypto/@leem2209/sunday-crypto-market-analysis
Sunday Forex Market Analysis
EUR/USD
Strong downtrend so looking to continue adding short positions. Possible price retracement back towards the 8 ema.
USD/JPY
Continue to follow the trend and look to add long positions.
GBP/USD
Looking for continued short positions after the break from the recent range.
USD/CHF
Been in a very strong uptrend and slowed down into a compression, breaking out short. However, we'd expect this pattern to continue long and the break out may be false. The MACD cross could also indicate a decline, but this may only be a pullback, possibly to the 21 ema.
AUD/USD
Another strong trend but more recently been trapped in a range where I'd expect and eventual break to the bottom. Sell order placed towards top of the range.
USD/CAD
Another pair stuck in a range and struggling to break the resistance.
NZD/USD
Strong pullback against trend on Friday and now testing the 8 ema again.
EUR/AUD
Another strong trend but quite extended away from ema's. Ultimately looking to continue short.
EUR/CAD
Yet another strong trend to monitor for short signals.
CAD/JPY
Recently broke out of a small range and has since pulled back to test the range previous resistance and the 8 ema.
NZDJPY
Bounced off previous low level (double bottom?) and reached 21 ema. MACD shows a cross and we have had a significant long move, so will look to enter on a small pull back below the 21 ema
GBP/CAD
Where will it go from here? It could go long after a double bottom and a MACD cross. Or, it could continue short from the 8 ema test.
GBP/AUD
It is establishing a downtrend so on the lookout for possible short signals on 2 and 4 hour charts.
NZD/CAD
And another strong down trend, but with a decent pullback on Friday to bring the price in line with the ema's. I'd consider watching for shorting opportunities.
UK100
UK 100 has been on a great run back up to meet the previous high level, which is also the market's all time high. Are we back to consistent gains?
About me...
I've had an interest in trading since 2009 after I attended a seminar on spreadbetting...
But I never really took it seriously and have been in and out of trading ever since, losing plenty of money along the way but gaining some valuable experiences which only now is falling into place.
2017 led to a chance online meeting with a former RAF pilot-turned-trader which ignited my trading interest again and this time I was armed with a better mindset and a better time structure in order to focus on learning this life valuable skill!
And what an interesting time to jump back on board the trading train! With cryptocurrencies gaining attention and the blockchain technology becoming more widely adopted, we have a unique opportunity to capitalise on the huge gains this market has yet to offer!
I'm still early on in my serious trading journey and still have a lot to implement and learn... but I hope to inspire others along the way! In order to survive and keep paying my bills, I still have a full time job which I invest 10% into my trading pot each month and allocate 10% towards continuous education and knowledge.
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