This is my first weekly post looking at what the coming trading week will be like. I will be looking for trending pairs on the weekly chart and then further analyze the most trending pairs on the daily chart. And lastly I will be checking the news calendar to see if there are any news event that could have impact on these pairs, or might let me stay out of the market at some point.
Looking most trending on the weekly charts.
Bullish: gold, nzdusd, audusd
Bearish: eurchf, usdchf
Below screenshots of the daily charts I have set up have yellow lines to indicate event levels where prices will face support or / and resistance. All pairs are entering new territory. At this moment nzdusd seems interesting to go long on. Last Fridays candle was a bullish engulfing candle engulfing all previous candles of that week. It also bounced of the 8 day EMA and the candle closed above the previous swing high. The risk I see in this trade is the uncertain situation with the US debt ceiling. Once the ceiling is fixed there will probably be a short USD rally that could go against a long position in this pair as well. So if I take a position, I will look to get out before Tuesday.
Good trading everyone.