Weekly summary Friday 16th March 2012

Good morning,

Well it’s been a quiet week so far and this is sometimes the case.

There is little news out in the London session with a few items from the USA around lunch time so if I am honest I don’t see a huge amount of movement to end the week.

This will give the charts an opportunity to reset and consolidate, which will lead to some breaks next week.

Below is a short summary on four pairs showing what has happened this week, followed by a short analysis on my major pairs going forward.

I hope you all have a great weekend and get some decent training in on those bikes lads!!!

Kiwi USD:

As you know I tried to short this pair on Monday. However the market has been rather stagnant and I was unable to get an entry with a good Risk Reward. You will see that price did eventually make an attempt at pushing lower, however, the entry was at 4am chart time and I wasn’t at my desk.
The move did not get to my target and failed to make any significant head way below the previous swing low of 0.8100 price is now back up at the 0.8200 area.

Still looking for shorts with the trend and a good risk reward.

Below is a chart showing the entry at 4am.

Below is a chart showing Kiwi USD as of Friday at 07:00hrs

Cable:

This pair remains in a midterm down trend so I am looking for shorts.

Unfortunately cable has not made serious attempt at the downside all week and now looks boxed in from 1.5750 highs (Triple top) and trendline support below from 1.5600.

However if I see some strong dollar strength across the currency pairs then there is the possiblity of a short through 1.5680/70 area. I will be keeping a watchfull eye on this throughout the rest of today

The chart below shows the trend on cable over the last few weeks

The Chart below shows cable supported (red trendline)

Euro / USD

This pair remains in a midterm down trend so I am looking for shorts.

EU has significant support at the 1.3000 region

I am looking for a retracement to 1.3250 region before looking for a short setup that will allow me to get in to the trade and remove risk before attacking the support below.

The chart below shows the trend on EU over the last few weeks

 

Aussie / JPY

This pair remains in a strong UP trend so I am looking for longs.

AJ has significant resistance at the 88.00 area.

I am looking for a retracement to 86.00 or weekly pivot area before looking for a long setup that will allow me to get in to the trade and remove risk before attacking the resistance above.

The chart below shows the trend on AJ over the last few weeks

Best Regards

Scott.