This week Marc Walton talked about trades he was considering and looked at opportunities in the Australian Dollar while remaining cautious around Brexit related pairs such as the GBP and Euro. Below is an excerpt from Sundays trading plan which is produced weekly.
Euro/$: Brexit also impacts the Euro & it has its own problems with Italian banks and French unrest. The main area, for me to consider a short is now 1.1640 however if it doesn’t get there keep your eye on 1.1600 & 1.1500. The final option is a bounce back up from the recent low around 1.1200, so lots of possibilities!
Euro/Yen: In a weekly triangle which could yield some big gains. Leaving for now
GBP/$: I said in recent weeks (and the advice is the same) “Be very careful because of Brexit, the best advice is half your usual stake on any Gbp pairs. The strongest area for a short for me is back up at 1.3150. Clearly its a long way off, but anything can and does happen in forex.
Aud: Engulfing candles on this and Aud cross pairs. I want to short, but it may not pull back and there is a good chance of a gap at the open. One to watch at the open and real-time to try catch an entry.
Aud/Yen: 82.50 to 83.00 for a short. Might just gap or drop. If only limited pull backs watch 81.20 and 82.50 (not forward orders for me).
Aud/Nzd: Lot of negative Aud news last week, my bias now turns to short this pair. 1.0590 is where I would like to short. Again might just drop. If it breaks and closes (daily candle) below 1.0500 then I will look there for an M2 pullback to short.
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