I’m curious about the currency pairs that you are monitoring this week…
I know most of you like to trade the majors, but I don’t see a clear condition on any of them.
These are 3 pairs I’ll monitor this week (at least at the beginning of the week):
GBPAUD – As I wrote last week, this one is probably the clearest of them all, take a look at the daily chart, it was clearly bounced from the main support level. I’ll be looking for long opportunities.
AUDCHF – About two weeks ago, it was rejected from an important resistance level, it looks like it will continue in the same direction and I’ll be looking for short opportunities.
CADJPY – Last week it broke through an important resistance level on the daily chart, activating its bullish condition. This is another one I’d look for long opportunities.
I do this analysis on the long term charts, it’s only to determine which currency pairs to trade, all entries are taken using the short term charts.
Now, I think we are going to see very low volume until Wednesday, with the FOMC meeting minutes, so plan you trades.
Whats your take?