Our Analysis returned:
+302 Pips !
EUR/NZD : Closed @ + 106 pips
NZD/CAD: Open @ +210 pips
EUR/GBP: Closed @ -14 pips (Having returned a +120 pip swing trade profit the week before)
Our Analysis suggests:
Strongest 3 Currencies*
Weakest 3 Currencies*
*As at 22.00 Hrs BST on Sunday 10th September 2017
HOW TO USE:
Try cross-referencing the above 6 currencies: i.e take the strongest and the weakest and open the corresponding chart. So for example, if USD is the strongest (S1) and JPY is the Weakest (W1), open the USD/JPY chart on the daily timeframe and see if price action agrees.
You don’t have to stick to the No1 crosses either: There are 9 potential currency crosses here, so maybe pair the 2nd strongest (S2) with the 3rd weakest (W3) and see what the chart throws up.
THIS WEEK’S CHOICES, CHARTS, OPINIONS, CAVEATS & MORE…
As per the chart below, we have been holding NZDCAD short since a breakdown of the 0.9200 handle. Last week saw the Bank of Canada surprise the market (but not us – as reported in last weeks Traders Week Ahead calendar and our Week 36 Strength Weakness Analysis) with a 0.25 Bp interest rate hike. As of now this pair continues to show further downside potential.
This week brings USD/CAD Short to the table, however we will exercise caution on this one given last week’s price action and Friday’s bullish pinbar which wicked to the Fibonacci 138 extension. We await confirmation as to whether this signal is valid.
Another interesting pair thrown up by our analysis. This one will also be treated with caution as although we see a healthy bear channel with a very interesting pin bar formation we also note the rising support immediately below. We will wait to see what price does with this, looking to short should it break down through support.
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All Strength / Weakness analysis and corresponding charts come straight from the desk of Charles Clifton, a fulltime Retail Forex Trader, Coach, Trading Floor owner and TradingHUB CEO. Drop me a line HERE if you want to know more.
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