Welcome back for another week of FX Analysis…
For those of you that have been reading my FX Weekly Analysis since I launched them last year, you’ll remember that I went through a phase… Where basically, my forecasts would be right until mid-week then it would totally reverse on me. Well, it happened this week lol. I didn’t anticipate the speed of the price movement correctly. Thus, I’m giving myself 50% for this week since I was right until it bounced against me half way through the week.
FYI: I got hit with a virus a few days ago and after recovering my computer from the last back up I had. I basically lost all the recent trend lines and S/R levels. Thus, I decided to draw them fresh from scratch, so just letting you know in case you’re wondering why my charts look different from last week.
Commentary / Technical Forecasts:
USD/CAD [Long (C)]: Better than last week’s starting position since we’re actually at the bottom, using the same forecast as before. Hopefully this will result in a better turnout for the forecast otherwise, could expect to see a reversal mid-week again. Same conditions as before, just refer to last week’s FX Analysis for the details (basically need the lines to hold and not break).
AUD/USD [Short (C)]: Similar to USD/CAD except we’re at the top instead of bottom, and we also have some more room to move up prior to the expected drop based on the trend lines. Given this, the time expectation for the forecast should hopefully be better and not reverse half way. Conditions are the same as before, go read last week’s FX Analyis for full details (just need the trend lines to hold because if they don’t, it’ll completely go opposite).
EUR/USD [Unsure]: With the newly drawn trend lines, this is currently sitting in the middle of a downward channel. Thus, I’m not sure which direction it’s going to go.
GBP/USD [Short (C)]: Exactly the same as AUD/USD except we’re working with a resistance level at the top instead of a trend line. Like AUD/USD, this has room to move up before the expected drop from the resistance level. Time expectation should last through most of next week unless something happens again. Refer to last week’s conditions in order for this forecast to stay in play.
Until next week, Good Luck Trading!