Recap on last week's trade ideas: NZD/USD order expired. The price pair did track lower on the basis of broad USD strength. GBP/AUD netted a healthy 300pip gain. An inside bar signal has formed again with a hammer pin at the key 2.00 level. Will stand aside for the time being and see how this scenario plays out.
Upcoming trades:
AUD/JPY
| Contract
Size: |
100000 |
| Currency Pair: |
AUD/JPY |
| Spread: |
0.5 |
| BPV/Pip: |
0.01 |
| Position: |
Short |
| Trade |
|
| Entry: |
95.29100 |
| Stop: |
96.00000 |
| Modified Stop: |
96.02000 |
| At Risk (BVPs): |
72.90000 |
| Target(1x): |
94.58200 |
| Target(2x): |
93.87300 |
| Target(3x): |
93.16400 |
| Target(4x): |
92.45500 |
Trade ideas to start the week off.
Short NZD/USD on an inside bar reversal signal. Continuation of trend observed. Targeting 0.71762.
Long GBP/AUD on an inside bar continuation signal. Targeting 1.99517.
Guess who's back? Yes, JT signing back on after another long absence. It's like riding a bike again - you never really forget. The only exception was that I was never good at riding the FX bike to begin with. So once again, I find myself bolting the training wheels back on.
Been looking back at the chart with fresh eyes and it helps. The key economic backdrops at the moment:
- The Greek deal, impacting Euro denominated pairs
- US Fed policy, impacting all dollar pairs
- Iran nuclear deal and the Saudi States oil price war, impacting Oil
- China slow down, killing the antipodean pairs
With that out of the way, he is my current currency trend chart.
