As we enter the new trading week – A few charts I will be watching closely.
EURCAD could be giving bearish clues. A rejection of the longer term trendline over the previous weeks has me looking for a short entry. A move higher to short into or a move below the 50% of the latest swing high offers opportunities .
The Daily is also giving me a bearish vibe ……
NZDJPY – I’ve taken a short in the Asia session. Again the weekly and daily charts seem bearish to me as long as we hold beneath the 79.40 level .
EURNZD – A quick look at the weekly chart on my preferred short scalping bias. Link to my previous posts here. A glance at the weekly shows the importance of the level (red line) that I highlighted last week. My bias is still to the short side -. but bounces from the level are a concern and to be expected. Taking care in picking off the levels to scalp short from has netted good pips so far. I have been juggling with my short positions throughout the trading days the last week. At the time of writing I have taken another short position at 1.6885
I have taken a long USDJPY at 114.23. This is at odds with my short NZDJPY view. Call it a natural hedge. Always difficult to tell how the new week will pan out. Things will become clearer in hindsight – they always do 🙂
I wish you the best of luck for the new trading week. Your comments are are always welcome.
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