This week we have got a few decent opportunities on the radar, looking at AudJpy and EurJpy as well as my usual 4 pair portfolio. The yen opportunities I think are particularly good compared to the ones in my portfolio but there is something I want to be involved at. So lets start of with my portfolio as usual.
Last week we looked at a Euro long and it played out as predicted without giving me any opportunity that meets my rules. We have reached a level and are at one which I expected a reaction from. However I still think we can carry on higher to test that green line eventually. Because of this I will be looking for a long opportunity from the small top red zone on Monday morning. For me that is the decisive level if this prediction plays out even though it technially isn’t in terms of outside returns and trend. The GbpUsd keeps contracting more and more so I feel like any brexit news with some significance will push it to a certain direction and we will have a decent break. Nothing I am loong to involve myself at aside from this messy cypher now which is still valid or any FTBs that present themselves.
AudUsd is at a minor level on the Daily and I am expecting some relief. As more of a break and continuation trader I would need something like a 2618 or a head and shoulders from this level to get involved at to potentially carry it down to that 0.7140 level. GbpAud is also on my radar with this being the least favourable out of the bunch. We have had a strong lower low lower close on the daily and I think we can go lower to the green lines. However the 2 wicks pointed out are decent levels on the lower timeframes and it makes my opportunity a bit less convincing. However I will look to go short at the bottom red zone for a retest and a second chance entry with stops above the top red zone. We are seeing a falling channel so can expect a relief soon. So that rounds up my portfolio this week. I have interest this week even though they aren’t the best opportunities out there.
The main setup this week comes on AudJpy. We have broken upwards from this consolidationand have some room to go higher to the green lines shown above. Going down on the 4hr we have a few places to get involved at. Our first level of support is the resistance we just broke. Just below we have our TcT killzone on the 4hr. However I would take some notice of the blue zone as following this strong break I expect a stronger trend hence not a deep pullback. I do think we will touch the blue zone and then go back up for a retest at least. There is many different combinations of stops and targets you can use depending on your style and agression but I do think this is one to watch this week. Feel free to get involved in this prediction on my latest post on my instagram.
Last but not least this week is EurJpy. I didnt really feel the need for a Daily perspective but this is a counter trend/relief opportunity. As you see we have had a strong push up coming ar resistance. There is structure above which I feel like we will go on to test but not before a little relief or accumulation. You can get in a few ways on this. For example you can wait on a double top on the 4hr/1hr or look for a complete trend reversal on the lower timeframes which is something I would be doing. I have highlighted the 2 inside levels because I think this will be just a pullback and not a complete reversal hence the conservative target locations. If you actually zoom in a bit on the first zone or go to the 1hr there is a small stutter there which can act as support at a decent inside level in recent times.
So there it is this week. I feel like this weeks analysis has been quite good and actually has some opportunities which I would take. As mentioned earlier, be sure to follow me on social media to keep up with me and my predictions and we will go over how these played out on Saturday.