The Week Ahead | Day Traders FX
It’s been an exciting week, we have some big set ups. Something is happening this summer we haven’t seen in a while, LOTS of movement in July and a pretty decent amount of “wiggles” in August as well.
Let’s take advantage of this activity, not to say we won’t have some slow downs in August, we will have some great opportunities either way.
Below are some of the charts I’ve been watching this week and will continue to watch going into next week. This isn’t all of them but it’s a few of my favorites.
The EURJPY has been moving fairly well over the last few days, new lows are breaking through trend lines and getting below moving averages. The rising wedge has begun the early stages of a break out, confirmation and retesting. If this holds and stays below 130.00 area it should be a good move into 127.50 and even 126.00.
The CHF has strengthened a bit with the North Korea news but before that the SNB (swiss national bank) started to put their paws in the mix and we saw a major sell off on the CHF. If structure holds we are looking for a dip into 9600-9550 to complete a right shoulder and hopefully solidify a bullish head and shoulders pattern for a move into parity or even back to highs of 1.0300 (long term).
This pair is infamously a wild child but when we get confirmation it can be such a great mover. For the moment, I’m watching 1.5000 closely, I would like to see some daily candles above that area, it has bumped 1.50 and pulled back, a confirmed move above should produce 200-300 pips in the medium term. Likewise a move below 1.4825 looks interesting for a sell off as well.
This pair has been on a slow and steady ride up, now approaching multiyear highs at 9150 makes it looks like a very good opportunity to start shorting back towards range lows of 8300 with short term profit targets along the way. A break of 9150 with any confirmation would be interesting to see how high it can go. I likely won’t be buying breaks above 9150 at least at this point.
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