FX Review FxTaTrader Weekly Strategy Week 19 / Sunday 03-May-2015

In this article I will provide my view on the EUR/GBP, GBP/JPY and the AUD/CHF. These are the pairs that I am currently interested in or was interested in last week for trading with the FxTaTrader weekly strategy. I will pick one to analyse in more detail from the pairs that have not been discussed yet recently.

Open/pending positions of last week

EUR/GBP

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk18 where the pair was tipped for going short. The pair looked insteresting last week for taking short positions but during the week the EUR became very strong. No positions have been opened for this pair.
The GBP is an average currency from a longer term perspective and has a currency score of 5 at the moment. The EUR is a weak currency but had a strong pullback last week and a currency score of 4. With a Currency score difference of 1 and the GBP better classified it is an interesting pair. However, the pair lost momentum in the Weekly chart and looks neutral at the moment in the Daily chart. It looks Bullish in the 4 Hour chart so for the coming period this pair will be avoided.

• On the weekly(decision) chart the indicators are looking strong for going short.
• In the weekly chart the Ichimoku is meeting all the conditions.
• The MACD is in negative area but the histogram is showing consolidation.
• The Parabolic SAR is not short but showing the preferred pattern of lower stop loss on opening of new long and short positions.

Ranking and rating list Week 19
Rank: 28
Rating: =

Total outlook: Down

GBP/JPY

This pair will be analyzed in detail. The GBP found the uptrend again in week 17 and had a pull back last week but is remaining strong. The JPY remains weak from a longer term perspective. The pair offered a good opportunity last week and the uptrend seems to resume again in the Weekly and Daily chart. It is a pair to monitor in the coming period.

• As can be seen in the Currency Score chart in my previous article of this weekend the GBP has a score of 5 and the JPY a score of 1. 
• In the current Ranking and Rating list of this weekend the pair has a rank of 8. This list is used as additional information besides the Currency score and the Technical Analysis charts.
• Besides the general information mentioned the outlook in the TA charts also makes this an attractive opportunity.

Ranking and rating list Week 19
Rank: 8
Rating: + +

Weekly Currency score: Up
Based on the currency score the pair looked interesting in the last 3 months. The GBP is an average currency from a longer term perspective and has a score of 5 and although the score was very low in the previous weeks it seems, based on the different TA charts and the good scores in the last 2 weeks, as if the currency will remain in the coming period at the right level. The JPY is a weak currency from a longer term perspective and had in the last weeks a score of 1 to 3. With currently a Score difference of 7 and the GBP being better classified it is an interesting pair for taking positions in the coming week.

Monthly chart: Up

• On the monthly(context) chart the indicators are looking strong for going long.
• The Ichimoku is meeting all the conditions.
• The MACD is in positive area but below the signal line and with the histogram consolidating.
• The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.
• Since the monthly chart is used to get the context how that pair is developing for the long term the indicators are looking fine because they are showing strength in the current uptrend.

Weekly chart: Up

• On the weekly(decision) chart the indicators are looking strong for going long.
• The Ichimoku is meeting all the conditions. Price should be by preference above both MA's but is now slightly below the Kijun-Sen.
• The MACD is in positive area but below the signal line and with the histogram consolidating.
• The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.

Daily chart: Up

• On the daily(timing) chart the indicators are looking strong for going long.
• The Ichimoku is meeting all the conditions.
• The MACD is in negative area and gaining strength.
• The Parabolic SAR is long and showing the preferred pattern of higher stop loss on opening of new long and short positions.

Total outlook: Up

Possible positions for coming week

AUD/CHF

This pair will be analyzed briefly, for more information read the article Weekly Review Strategy Wk15 where the pair was tipped for going short. The CHF is a strong currency from a longer term perspective and has a currency score of 8. The AUD is a weak currency from a longer term perspective and has currently a score of 2. With a Currency score difference of 5 and the CHF better classified it is an interesting pair.

The pair found the downtrend in March but was consolidating a few weeks ago. It seems as if the consolidation is ending and downtrend may resume again in the coming week.

• On the weekly(decision) chart the indicators are looking strong for going short.
• In the weekly chart the Ichimoku is meeting all the conditions.
• The MACD is in negative area but consolidating with the MACD above the signal line.
• The Parabolic SAR is short and showing the preferred pattern of lower stop loss on opening of new long and short positions.

Ranking and rating list Week 19
Rank: 2
Rating: - - -

Total outlook: Down

If you would like to use this article then mention the source by providing the URL FxTaTrader.com or the direct link to this article. Good luck in the coming week and don't forget to check my weekly Forex "Ranking and Rating list" and the "Currency Score".

DISCLAIMER: The articles are my personal opinion, not recommendations, FX trading is risky and not suitable for everyone.The content is for educational purposes only and is aimed solely for the use by ‘experienced’ traders in the FOREX market as the contents are intended to be understood by professional users who are fully aware of the inherent risks in forex trading. The content is for 'Forex Trading Journal' purpose only. Nothing should be construed as recommendation to purchase any financial instruments. The choice and risk is always yours. Thank you.