FX Weekly – 2019 Week 12

Summary:

  • EURUSD ► a final bottom is unlikely to be in place - the upcoming trendline resistance can be played on both the long and the short side - I will look to sell with stops at 1.1420, but longs can be taken on a definitive break of it
  • GBPUSD ► last week's aggressive buy at 1.30 turned out well - I will now look to short on any overshoots to the upside
  • USDJPY ▲ last week's aggressive long is in the money and conservative traders can move stop up to breakeven or even do a profit-save at 111.0 
  • USDCHF ► prices look poised to breakout, but the RR ratio doesn't look too good for longs - I expect any break higher to be met with good resistance
  • AUDUSD ► good and conservative opportunities not available - await formation of bottom
  • USDCAD ▲ shorts worked out well last week, now take a neutral stance, or buy only when price dips to 1.32
  • NZDUSD ► still in a LT range, so wait for 0.7150 for short opportunities