All weekly forex analysis are high-level and sets the week ahead. However markets change due to news and events so this may evolve. I do Monthly, weekly and daily scans every week for context. Higher TF help to guide the lower so as to give an indication or hint as to the direction of the market and potential entry points.
Top Left=M1
Top Right=W1
Bottom Left =D1
Bottom Right =H4
NZDUSD – Buy
The kiwi/dollar can be seen responding positively to the descending trend line as support and what appears to be resistance at around the 50MA. I notice that on the daily that on the MACD oscillator that theres a positive crossover of the signal line just before each of the rallies to the upside. I would wait for bullish confirmation before looking to pull the trigger to the long side. The H4 is showing weakness of the bears so I expect this not to be to long away. In any case I would wait for confirmation by way of a close above the consolidation that appears to be building on the H4 before looking to enter long.
USDJPY – Sell
The USDJPY pair seems to be a good place to look into short positions as we can see clear resistance being respected as can be seen from the monthly and weekly charts. A good place to have entered would have been on Monday 8th and for me would have been a good risk reward seeing the risk would have been the top of the shooting star (see weekly).
GBPUSD – Buy
Looking at the cable chart, I see a rising trendline starting from the start of 2017 (See monthly). The M1 shows a hammer, followed by a doji at the end of a rally to the downside, so likely that the bears have lost some steam. The weekly shows us what has happened as we have a doji at the rising support. In the short term I would avoid this because looking at the D1, it looks like we are already close to potential resistance and would not be a worthy risk/reward. I would prefer to hold until we break the potential resistance areas – Something similar to what I’ve drawn on the H4
AUDCAD – Buy
The AUDCAD pair looks as though it is respecting the clear support having being tested at least twice before. As seen in M1. descending into the D1 chart we see a number of signals, The doji, bullish engulfing, reacting to support (descending and horizontal).
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