DXY chart: Price is at a big area. I’m expecting a test and then a breakdown of price on the DXY.
Energy & Metal Prices;
Gold; Very close to an all time high now.
Oil;
Bitcoin;
Big moves in the crypto market this week. Broke out of the consolidation (triangle formation) I showed in my last live session. At a big area, so it might struggle a little bit now. Keep comparing it to the DXY chart as a weaker USD should keep the bulls happy.
EUR/USD: Long from 1.0780 (looking for a pullback).
USD/CHF: Nowhere near any stop on the daily. Look out for 0.91900 on the shorter timeframes.
GBP/USD: Long from 1.2250 (again looking for a pullback).
AUD/USD: Bounced off the 200. Looking for it to break 0.68500 now to long.
NZD/USD: Similar to AUD/USD. I’m looking for it to break 0.63400.
USD/CAD: Need a break below 1.32800 (I’m expecting further downside).
USD/JPY: 133.00 is a key level.
CROSSES
GBP/JPY: Long from 162.900
AUD/NZD: Short if it breaks below 1.0770
NZD/JPY: Short from current position (83.000 area).
AUD/CAD: Short from 0.9100
*EUR/CHF: Same as my last post -“Not my favourite pair, but at the KEY parity level now. I’d look to long if it breaks above this level”.
GBP/NZD: Long from 1.9540
NZD/CAD: Short from the current position at around 0.8370
As always, remember correlation! -Especially when taking more than one JPY trade!
M3 -Shorter timeframes.
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.
Watch the video below for more detailed explanations of this week’s analysis and trade plan (click the 4 arrows bottom right to view full-screen):
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