Welcome back to another week of predictions. As usual we will go over my 4 pair portfolio and make a few predictions on that as well as taking a look at AudJpy in depth today. So lets get straight to it.
On the EurUsd we have a daily downtrend which has reached a level of support and is beginning to pullback. I expect this pullback to come to the big red zone on the daily before retesting the lows. However as I go down on the hourly if this was to happen my lower time frame trend will be violated so I would need more confirmation before going short. GbpUsd has finally broken out the triangle we kept an eye on for the last few weeks. We have got room to the downside to the red line but similar to the Euro I expect a slightly deeper pullback before continuing lower.
AudUsd has held support which means we can expect some relief. However where to? The first zone I would pay attention to is the red zone drawn in which we are currently at. I think it can provide some resistance so I will wait to see how we react off there and what we end up doing. GbpAud has pulled back from a messy bearish move. I am not really interested in this pair for the time being. Hoever on the 1hr if we break the top red zone I believe we can go down to the lower red zone so that is something I will keep an eye out for. Overall I am not really interested in my portfolio for now and will just have to wait and see what opportunities I am presented with.
This week I’d like to take a closer look into AudJpy. As you see we have currently reacted off support on the 4hr which for me indicates bullish pressure. We have also put in an inverted Head and Shoulders pattern of which if we break above the right shoulder I think we have a bit of potential to the upside. The first Stopping poing and my would be target is the red killzone. After that price has been dribbling so targets aren’t as easy to pinpoint but I would keep an eye out for the 80 even number. I would look to get involved in a pullback if we break but you can go down on the lower time frames like the 15/5 min and look for a more aggressive entry. So there you have it, the weekly review for this week. Hope you enjoyed and we will see how these play out on Saturday. Have a good week.