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
Continued downtrend. Look for extra shorting opportunities
USD/JPY
Looking to resume uptrend. No positions until back above the 21 day EMA.
GBP/USD
Continued downtrend after range breakout. Look for further shorting opportunities.
USD/CHF
Nice gradual turn-around of the recent strong uptrend. No trading expectations yet.
AUD/USD
Struggling to resume downtrend. Possible inverted head & shoulders indicates the potential end of the trend. Currently stuck in a range. Looking to close current short position until clearer indication of market direction.
USD/CAD
Another breakout from resistance/range it has recently been stuck in. Will it now make furth long gains? Wait to see retracement towards support before seeking long signals.
NZD/USD
Look like it is compressing into a wedge. Wait for breakout and retracement.
EUR/JPY
Expect continued downward momentum overall. However, quite far from EMA's so maybe a retracement in the short term.
GBP/JPY
Similar to EURJPY, possibly retracements but overall, seek short signals.
CHF/JPY
Sharp pull-back from recent rise. Await confirmation of trend direction.
EUR/AUD
Steady downtrend, seek short signals.
EUR/CAD
Showing signs of trend reversal with the MACD cross. Maybe just a retracement back towards the trend line.
AUD/JPY
Looking like it's beginning to range or possibly compressing into a long wedge.
CAD/JPY
Back into the rectangle range but broken trend line. Await a pull back to trend line then possibly short positions.
NZD/JPY
Downtrend reached a potential support. Wait for a clear break before taking short positions.
GBP/CAD
Downtrend struggling to close above the 8EMA. Look for short signals.
GBP/AUD
Continued downtrend. Seek short signals
NZD/CAD
Looking for a retracement before going long after the MACD cross otherwise wait for further long signals.
UK100
Seeking a retracement back towards previous high resistance and going short after the MACD crossover.
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.
I am part of the Realistic Trader group run by that ex-RAF pilot and now one of the biggest voices on Crypto's, Siam Kidd. This offers me education as well as ongoing support to help me on my journey. If you'd like to be a part of this group too and learn how to safely buy and trade cryptocurrencies, come along and join us! - Disclaimer: This is an affiliate link but I'd only ever offer services that I actively use. Plus the affiliate fee would really help me to add to my trading pot.
You can follow my journey here on SteemIt (If you get any value from my posts then please UpVote it. As Tesco says"Every Little Helps") or come and visit my website at EXF Trading
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