Weekly update – getting ready (NZDUSD, CHFJPY, EURGBP, AUDUSD)

My holidays are nearly over and I am slowly starting to look at charts in a more frequent manner. This week will be trade free. More kind of a observatory week of intraday moves and price developments. In the calendar we can expect several news coming out like Home Sales, Core Durable Goods Orders, Unemployment Claims etc. So we can expect at least some volatility coming out of the buck. But of course it is not only about the news releases but also about market timing. Few currency pairs found them selves on an interesting levels with August coming to the end. I’ll be getting back to live trading by 30th of August and until that time I am enjoying my holiday time. So let’s have a look at what caught my eyes for this upcoming week:

My number one is AUDUSD(and NZDUSD). Decent bounce back out of 88.50 level accompanied with double bottom. Looking at daily we can see double hammer and 100 and 50 SMA holding this level of support. Possible outcome might be (150pips) with risk as low as 50pips. (first two pictures in the image gallery)

Another pair on my watch list is EURGBP. EUR is still weak and it might re-test 50% re-tracement level on EURUSD. At the moment the H1 is in a downtrend with all pressure pointing towards 0.8055. At the moment holding at 0.8179. Again potentially decent 120pips move but one have to be cautious. 0.8170 might be suckers level so going south is possible only on high speed volume and possible weak retrace. Just break of the 0.8170 might not be enough.

Another pairs to watch would be CHFJPY where I definitely need to see some retrace first. Volume is slowly building up and with decent retracement and nice pull back we can be looking at 200pips profit. Again, something what needs to be watched more carefully. And finally NZDUSD with its double bottom. Seems like “W” pattern is forming there. NZDUSD is also supported by double bottom hammers on daily candles with 50,100, 200 SMA’s around that support area. Also my favorite pair to watch in terms of going LONG targeting potentially 150 – 200pips.

As I have said I am not trading this week so these are all words without action :). Good time to warm up though and getting back from “planet holiday” before starting next week live again. Have a great trading week.