If you were hoping for a bit more stability in the markets, this week would have been a major disappointment for you. If fundamentally things were a mess before, the tension between Russia and Ukraine, that seems to be building, is causing major uncertainty in the market. And if there is one thing the markets DO NOT LIKE, it is uncertainty. In the case of a Russian invasion it will have MAJOR ramifications in all markets. Safer asset classes to rise, riskier assets to drop….
What will happen next is anyone’s guess.
Some other fundamental news to keep an eye on:
-Iran and the United States may be nearing a deal, which would increase oil supply around the world. Remember, increased supply in a product could possibly cause prices to fall.
-Those of you following the news in Canada would have seen that the government froze the bank accounts of individuals involved with covid regulation protests. This is concerning on many many levels. Did someone say decentralised economy?
There is a a bank holiday (public holiday) on Monday in the US and typically we could expect the markets to be slower. Big news of the week to look out for is NZD rates decision and the US GDP report.
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MAJORS
EUR/USD: Looking at the Weekly an A grade short for me is from 1.15750.
USD/CHF: Too messy for me at the moment, leaving it alone. Needs to make its mind up
GBP/USD: I’m looking for a break above 1.3640, then a pullback.
AUD/USD: A grade area for me is to short from 0.7300.
NZD/USD: Similar scenario to the AUD pair, looking to short from 0.68500.
USD/JPY: Opportunity for a countertrend trade from 114.517
USD/CAD: Looking to long from 1.2770 and short from 1.2850. See this week’s video on how I identified the range.
CROSSES
EUR/GBP: I would like to short from, ideally 0.8600, but I’d also look at 0.8550
GBP/CAD: 1.72500 is where I’d like to short from.
EUR/CAD: 1.4650 is the area to keep an eye on for a short
GBP/NZD: I’d like to long from 1.9720
EUR/AUD: One of my students ideas, Short from 1.5820
AUD/CAD: 0.92200 is the sweet spot short for me.
As always, remember correlation!
M3 -Shorter timeframes.
See the new course & recent blog posts as to how I do this: I do my analysis on daily and weekly charts first and make a note of the MAJOR areas of support and resistance. Then copy them onto Pierre’s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts. You will see lots of opportunities line up during the week. The important thing then is to select a bias for the next few days and do NOT take trades if the price is too near a trend line or pivot. Ideally, you want to buy when the price is near a major support and or pivot point line and has the potential to make at least 40 pips. Vice versa for a short.
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
For more up to the minute, updates do not forget to drop by the forum. Ashley is back from his travels and there are other senior members who are happy to help.
Watch the video below for more detailed explanations of this week’s analysis and trade plan:
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