When trading on the forex market it is important to have an understanding of the week ahead. Make a rough expectations list of the currency pairs that you wish to trade and what you think they might do. Most professional traders will know where they are going to get into trades before the week has even begun. The price they want to enter might not happen until the middle of the week, but they are already waiting for that price to hit a few day before. It is this meticulous planning that has the secrets to forex success.
AUD/USD
Still in a downward trend the currency pair did eventually peak through the 0.9000 level during the Non Farm Payroll announcement. It quickly retraced but found resistance again at 0.9100 so this should see 0.9000 again this week and beyond.
EUR/USD
The Euro has struggled this week with the ECB trying to talk it down and traders pushing it back up; it has been stuck in a consolidating pattern. However a new high forced by the Non Farm payroll should see the continuation of the bullish trend to 1.3820 at the next major resistance. New highs are not without their pull backs and the Euro is of no exception. Expect pull backs to 1.3620
GBP/USD
The GBP/USD has been pulled about for the last couple of weeks and despite good economic figures it is failing to make new ground. Currently 100 pips below its recent high It should post a further up move in the coming week with new highs around the 1.7000 mark, but not before pull backs to 1.6260.
USD/CAD
The weakening Canadian Dollar against the US Dollar has driven this currency pair bullish for the last couple of weeks. Finding a pullback entry point is probably the best scenario in this case with entry prices in the region of 1.0625 and 1.0594. However on the monthly charts the price is hitting a strong resistance level which could cause problems for the long term bullish trend.
USD/CHF
The price is now touching on the long term support of 0.8900. If this support level is broken then expect this bearish trend to continue to 0.7365. If the price bounces off this support level then expect pullbacks to 0.9100.
USD/JPY
The USD/JPY has been on the bullish trend since it broke out of the symmetrical triangle at the start of November. Expect to see new highs next week with immediate targets of 104.00 then 105.00. This could see 107.00 early in the new year.
AUD/USD
Still in a downward trend the currency pair did eventually peak through the 0.9000 level during the Non Farm Payroll announcement. It quickly retraced but found resistance again at 0.9100 so this should see 0.9000 again this week and beyond.
EUR/USD
The Euro has struggled this week with the ECB trying to talk it down and traders pushing it back up; it has been stuck in a consolidating pattern. However a new high forced by the Non Farm payroll should see the continuation of the bullish trend to 1.3820 at the next major resistance. New highs are not without their pull backs and the Euro is of no exception. Expect pull backs to 1.3620
GBP/USD
The GBP/USD has been pulled about for the last couple of weeks and despite good economic figures it is failing to make new ground. Currently 100 pips below its recent high It should post a further up move in the coming week with new highs around the 1.7000 mark, but not before pull backs to 1.6260.
USD/CAD
The weakening Canadian Dollar against the US Dollar has driven this currency pair bullish for the last couple of weeks. Finding a pullback entry point is probably the best scenario in this case with entry prices in the region of 1.0625 and 1.0594. However on the monthly charts the price is hitting a strong resistance level which could cause problems for the long term bullish trend.
USD/CHF
The price is now touching on the long term support of 0.8900. If this support level is broken then expect this bearish trend to continue to 0.7365. If the price bounces off this support level then expect pullbacks to 0.9100.
USD/JPY
The USD/JPY has been on the bullish trend since it broke out of the symmetrical triangle at the start of November. Expect to see new highs next week with immediate targets of 104.00 then 105.00. This could see 107.00 early in the new year.
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