Weekly Forex Trade Plan (26 Aug 2018)

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Mesa Arch 1

Review of Past Week

Based on last week’s price movements, we can see that the biggest gains involved the weakness of the Yen (EUR/JPY, CHF/JPY, GBP/JPY, NXD/JPY), and also some hedging instruments like Gold and Bitcoin.

The biggest decline was from Ethereum.

Weekly Forex Trade Plan 1a

Source: barchart.com

 

Medium Term Trends (Past 100 Days)

Looking at the past 100 days (about 5 months) trend, we can see that there is a gradual uptrend of USD, but there are more bearish trends as compared to bullish trends.

The most bearish trends are from commodities like Gold, Silver and Ethereum, followed by great weakness in the GBP and NZD. Hence if we are looking to trade with the trend, these would be potential short opportunities.

Weekly Forex Trade Plan 1b

Source: barchart.com

 

Upcoming Major News

Not a particularly exciting week for news, so we can expect prevailing trends to continue without much surprises.

Weekly Forex Trade Plan 1c

Source: Forex Factory

 

Top 3 Picks for the Week Ahead

Do note that all trade ideas MUST NOT be executed until the correct trigger is given, as timing is of utmost importance. This is also a high chance that we may see better trades during the week and take those trades instead of these. For real-time trade signals, do join our free Telegram channel: https://t.me/synapsetrading

 

Audchf 270818

Source: TradingView

AUD/CHF is in a large sideways trend, and price has fallen to a major support level. Good chance of seeing a rebound. This is a short-term counter-trend trade.

 

Usdjpy 270818

Source: TradingView

USD/JPY has just completed a pullback, and looks to be in a good position to start a new move up. This is a medium/long-term position.

 

Gpbaud 270818

Source: TradingView

GBP/AUD looks like it is going to continue its downtrend. This is a medium/long-term trade.

GBP/CAD is also a good consideration. We shall see which one triggers first.

 

That’s all for this week, good luck! 😀



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