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Week 38 Forex Signals: Currency Strength and Weakness

Last Week

Our Analysis returned:

+ See Below

NZD/CAD:  Closed @ +313 pips

This Week

Our Analysis suggests:

Strongest 3 Currencies*

Weakest 3 Currencies*

s1  GBP

s2  CAD

s3  EUR

w1  JPY

w2  USD

w3  CHF

*As at 22.00 Hrs BST on Sunday 17th 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…

NZD/CAD Short

As per the chart below, we have been holding NZDCAD short since a breakdown of the 0.9200 handle on 22nd August. Last week saw the pair bounce off the 0.8754 support where we took partial profits, allowing price to breath whilst watching our S/W analysis. The NZD then took a turn to the upside, slipping from the W1 spot (weakest currency) so we closed out the remainder of our position on a breach of the 38 Fib retracement. Another reason to exit in full is this Wednesdays NZD GDP release (expected at 0.8% against a 0.5% prior) and the impending New Zealand Elections due at the weekend. Full details in our weekly Traders Calendar HERE

Forex Signals Currency Strength and Weakness | Week 38 | #TradingHUB #Forex #Trading | Charles Clifton | www.TradingHUB.co.uk

Forex Trader Training With Charles Clifton Forex Trader | Technical Analysis | #TradingHUB #Forex #Trading | www.TradingHUB.co.uk

GBP/JPY Long

This week brings GBP/JPY Long to the table, however we will exercise caution on this one given last week’s price action (mainly driven the BoE’s hawkish comments around forward interest rate guidance and tightening – details HERE), giving rise to Tuesdays upside break out of 2 year falling resistance and Friday’s incredibly bullish triple top 148 range breakout. That said, this pair does present quite some upside potential toward the 161.40 handle – a potential 1000 pip trade, but only for the brave ! If you’ve read this far then it goes without saying that you’re aware of Thursdays BoJ interest rate decision. Details HERE

Forex Signals Currency Strength and Weakness | Week 38 | #TradingHUB #Forex #Trading | Charles Clifton | www.TradingHUB.co.uk

GBP/USD Long

Another interesting pair thrown up by our analysis. This one will also be treated with caution – see GBP/JPY notes above). This chart speaks for itself.

Forex Signals Currency Strength and Weakness | Week 38 | #TradingHUB #Forex #Trading | Charles Clifton | www.TradingHUB.co.uk

© TradingHUB 2017 – All rights reserved

SOURCE:

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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DISCLAIMER:

Nothing on this site should be viewed as trading advice or an inducement to trade. All trading carries a high level of risk to your capital. Please ensure that you fully understand the risks involved before you trade. Read more here.

© TradingHUB 2017 – All rights reserved

TradingHUB | Forex Trading | www.TradingHUB.co.uk
2017-10-12T18:00:22+00:00