Forex Testube

AUDJPY - After some nice downward movement earlier the hourly has crossed through the kumo. Had a TSxKS in this direction. 4H looks to be about to enter kumo.Daily and weekly are against this so wouldn’t recommend trading. We can see a very flat top kumo so expect that to draw the market down this week. Strong resistance at 83.36 to consider before getting into buying.

AUDNZD - Nice upward movement. Weekly is at an all time high. Had a double top earlier in the week. Potentially could see approaching, attempting and possibly breaking that resistance this week. Keep an eye on 4h, in particular the cspan to see how it continues to react to the kumo.

CADJPY - Again at a peak. Price action on daily suggests a possibly drop from this res level however we are above the kumo so there won’t be any typical sell setups. Nice ascending triangle on the daily with 89.90 being the top edge. Kumo much too thin on hourly to see any setups yet.

CHFJPY – Daily is showing a TSxKS upwards early last week. Market is respecting daily kumo well. Watch for entry into the kumo on the daily and expect it to move up to the flat top if it does, 86.67. Trend is marginally bearish. Cspan is also above price action. Market using 84.73 as support.

EURAUD – Daily shows the full extent of this massive downtrend which shows little sign of letting up. Kumo continues to fall and isn’t thinning with the market moving further from it. We are beneath all signs of resistance so watch carefully in particular the 4H for MAJOR signs of resistance.  Just had a cross on the hourly so we may possibly see minor retracement this week.

EURCAD – 1.3391 is going to be a seriously important figure this week. If you enter any sell positions this is where I would be 100% closing them. Because of this there is potentially good room for our risk:reward. Entering a trade will be difficult as we are already beneath the kumo on all timeframes. Watch how the week pans out and potentially consider entering on a flat top.

EURCHF – Another very nice downward trend last week with the last few days showing price action on the daily that it might be slowing, the week overall was a massive mover. Again we are in unknown territory so resistance levels will be difficult. Could potentially see a retracement early in the week/this week, followed by another test of this low. Watch 1.43036 on the weekly as a resistance level.

EURGBP - Bullish trend. Massive resistance at 0.9131. Watch for a signal and set that as your main exit point. Interetsing movement on the hourly already so potentially could see an entry earlier in the week. Retrace to the flat top kumo for an entry. Watch components on 4H which is still primarily bearish.

EURJPY - Bearish trend on daily however recently saw a bullish TSxKS. In a heavy area of resistance with res at 121.323 and 119.964.  Very bad risk:reward. Wouldn’t consider any trades until this is more clear.

EURUSD - Again a bearish trend. You may be in a sell position. Strong resistance at 1.34691 on the daily. I would consider closing out here. Should still be a good profit. Both 4H and 1H are showing nice strong bearish sentiment.

GBPCHF - Another pair where the daily is stuck at very strong resistance. 1.58887 and 1.57883. Hourly confirms this with back and forward movement over the kumo. Don’t consider trading.

GBPJPY - Similar story on this pair with major resistance at 135.536. If this level is broken I would be inclined to look for an entry as further res is at 131.485.  Possibly look for an entry signal on the 4H which looks like it may break the kumo. Keep a close eye on its Cspan.

GBPUSD - Very nice movement last week which you were hopefully in a trade on. All 4 criteria on each TF are still saying bearish. 1.48743 will provide resistance. I wouldn’t look to short this now as most of the movement has happened. Watch further in the week to see how it plays out with regard to resistance or will we see a continuation of the minor up trend.

NZDUSD - Daily shows a massive flat top kumo. This will draw the price up to it, especially as the price reaches the edge of the kumo we may see a bounce upward. Cspan is now bullish confirming this. Don’t enter any trades while the daily is undecided.

USDCAD - Weekly and daily both showing a nice bearish trend. Hourly has retraced above kumo (which is thin) so you should potentially be able to enter for good risk.  Use this to your advantage and be very cautious with the entry (and check the reward space). Keep an eye on 4H as you wait for this, it is currently very bearish with Cspan approaching price curve.

USDCHF - Very thin kumo on the hourly to be cautious of. Watch over the start of the week how the price on the daily reacts to the kumo. If it respects it well and you see an entry on lower timeframes there is potentially good profit to be made riding it to 1.080. Careful of the TSxKS.

USDJPY – No trend on daily. Watch for the breakout of the kumo during the week. As with the other main yen pairs seems a bit all over the place. Don’t consider trading yet.

Just a little update for you Ichi traders. Some interesting movement, particularly on the yen pairs. Definately keep an eye on these over the next day or two. A lot of the pairs are ranging, particularly some of the NZD pairs so I would avoid them this week.

Beneath are a few pairs that I will be watching. This doesn’t mean nothing else will qualify it’s just what I’m currently watching closely.

CHFJPY – Has just crossed through the kumo on the hourly in the right direction. Major concerns are important resistance on the daily close by (84.73). Flat bottom kumo on the hourly will try and hold the market up. 4 hourly chart is incorrect.

EURAUD – Hourly is stuck in the kumo and respecting it nicely. At a massive all time low on daily sat nicely beneath the major resistance at 1.5000. 4 hourly is in alignment well too. Will be looking for an entry.

EURGBP - Seems rangy on hourly and near massive resistance.

GBPJPY and EURJPY – Potentially too much risk with nearby resistance. Especially as 4H isn’t in alignment.

GBPUSD - Nice sell entry a couple of hours ago. Can still get in. Good kumo flip in future. Plenty of room to next major resistance on daily (around 1.4579). Only concern is 4H cspan stuck in kumo. There is room within our profit to wait for it to close outside.

USDCHF – No signal yet but potential long. Watch  the flat top kumo. A retrace to it may be a good entry point.