Hey traders, how is your trading going so far this week?
I’ve got to admit that the market has been difficult to trade in the last couple of weeks… mostly because most of the currency pairs have been trading in a very tight range.
And not in a well defined range (those that are easy to trade) but in a range without clear S&R level, no clear swings, etc.
That’s the reason I’ve been very cautious about the market, and havent placed too many trades in the last few weeks.
Plus, the out-of-date NFP report released yesterday, the “invisible” announcement that hit the market a few hours ago (did you know what happened there by the way?)…
It’s funny though… because some of the currency pairs that I wasnt watching at the beginning of the week are the ones where I’m currently looking for trade opportunities…
That’s just how the market woroks sometimes…
So what about you? What are your thoughts about the market in the last few weeks?
Anyway… here are a few of the currency pairs that I’m currently watching:
Based on the long term charts, it’s clear that the NZDUSD has a bearish market condition at it is likely to continue its way down until it reaches the next LT support level at 0.8100
Here is the long term chart:
And if you take a look at the short term chart, you can confirm that it is trading in a bearish condition:
So as long as the NZDUSD trades below 0.8439 I’ll be looking for short opportunities.
Yesterday’s news announcement helped the EURUSD broke through the consolidation period and now it is likely to continue its way up until it reaches the next LT resistance level which is at 1.4032
Here is the LT chart:
Right now I’m waiting for clearer levels in the short term charts so that I can get a good entry.
This is probably the clearest of them all… And as you already know, trading is all about finding the right currency pair to trade…
Look at the LT chart:
It’s clear that the AUDCHF got rejected from the top of the range, and since the market moves in swings, it is now likely to continue its way down until it hits the nt LT support level at 0.8250
And here is the ST chart:
It couldnt be clearer than that… Broke through the short term range and as long as it keeps trading below 0.8653 I’m going to keep looking for short opportunities.
Again, what do you think about the market in the last couple of weeks?
What do you think about my analysis?
What other pairs are you watching?
Please share your thoughts in the comment section!