Weekly analysis: Hold Cash & Diversify?

by | Jul 22, 2024 | Forex Analysis

Cyber

Weekly analysis: Hold Cash & Diversify?

Towards the end of the week, a lot was going on. Stocks, gold, Majors, and Oil all pulled back. We also had chaos in the cyber world, with Microsoft servers crashing because of an update by Cloudstrike, which affected many businesses across the globe, including airports, hospitals, and Far East countries.

Our website has crashed a couple of times. This shows the risk of having everything stored and maintained in online cloud storage. This could also be a warning for the potential CBDC the governments are trying to push. If there is a cyber attack, then you could potentially be at risk of losing access to your money. Hence, I suggest diversifying your portfolio and having a mix of different assets including good old cash!

Physical metals are another asset class to consider holding. Not financial advice.

Global services slowly recovering after bug causes IT chaos

This week we mainly focused on trading the majors. Ashley did better on the USDJPY, making 130 pips, while I made around 80. You can check his video out below. I also caught the NZDUSD short, which I shared in Friday’s post, and showed you my levels on buying BTC, ETH, etc, again.

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The Forex Week Ahead+++++++++++++++++++++++

For the week ahead, Monday and Tuesday have nothing major in terms of red flag, scheduled news. On Wednesday, there is a lot of news. The Flash manufacturing numbers are out for the majors, and the BOC releases its bank rate statement on the same day. So don’t be in the USDCAD around those times, as it could be very volatile. As always, the main thing we focus on when there is a lot of news is where the price is probably going to stop AFTER the event for multiple reasons and whether it is almost twice the daily range.

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MAJORS

Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away. A “B” grade is of interest, but not an A yet. I will watch on 4 hour timeframes to see how price reacts if it hits my zone after the news is released.

There is a danger that the $ will rebound, so keep your eye on the Index and only be in one trade versus the dollar at a time.

EUR/USD:  Technically 1.08 is a massive area so I would be looking long there and short at 1.0950 which I missed by a few pips this week.

USD/CHF: I don’t like it because of the trendline, I prefer EURUSD.

Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”

GBP/USD: Forward order at 1.2810, might revise it lower to 1.2730

AUD/USD: Stopped at the trendline, no multiple reasons to long but 0.6620 is attractive.

NZDUSD: Short at 0.6070 worked perfectly.

USD/CAD: Bounced off 1.36 consistently, which seems to be a strong support area. I would long there again. Intraday 1.3675 is also interesting.

USDYEN: 150 is the big area but too far, leaving it alone for now.

CROSSES

Some are A grades, where I will place forward orders; some pairs have “areas of interest.” I have a lot of similar crosses, so be very careful with the correlation.

EURGBP: Not entirely confident but 0.8470 and 0.8480 are interesting areas to short.

EURAUD: Looking to short at 1.63 for multiple reasons and if it drops I would long again at 1.60

CADJPY: Its done breakout, one to watch to short near 115.

AUDCAD: Similar to AUDUSD, I will look to long at 0.9120

EURCAD: leaving alone.

I have quite a few other “possibles” that I will monitor during the week. See the video. I also show areas where I will be interested to buy crypto and metals.

As always, remember correlation! 

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” we aim to teach you how to trade for yourself.

Watch the video below for more detailed explanations of this week’s analysis and trade plan.

To find out more about our crypto journey check out the mini-course and if you want to get involved in what I believe is the next boom, scroll to the bottom of the page to find out more: CLICK HERE

I am currently on holiday in the Canary Islands. I recorded the video early Saturday morning. If anything extra ordinary happens over the weekend I may need to revise my plans and Ashley or I will update you in the forum.

You can watch the full video below, you can read the transcript or view the full screen by clicking the buttons below the video:

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Kind regards,

Marc

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