Hey there beautiful people,
**Disclaimer: Please note I am not a FOREX financial adviser/specialist and will not be held accountable for any loss/gain by any individuals who chose to use this information for their own personal gain. Everything discussed in this blog is just for my own personal and financial improvement. **
Here is my analysis on several currency pairs for this week. This week I will be concentrating on pairs with bullish trend trading opportunities.
1) #
EUR/JPY (Daily) - Last week this pair retraced as expected and went as low as 133.60. Recently EURO experienced some volatility from the crisis in Greece and their request for an extension to their current bailout. Now, that Greece has received a four month probationary extension from eurozone to get their financial situation under control the euro may continue to consolidate. Therefore, I will expect #eurjpy to continue to be indecisive and have more re-tracement from it's current position to the 133.80-132.50 range, which still falls within the 61.8 re-tracement level. Once in position, I would still plan to hold this trade for the long haul & cancel/replace stop & limit positions once new highs have been met if conditions are favorable since the overall trend on a monthly time frame is still intact. Overall I predict this bullish trend to output a
whooping 1000+ pips ;-)
2) #
GBP/JPY (Daily) - This pair is still showing bullish signs such as an intact up ABCD and inner trend lines have yet to be broken. A friend and I debated the expected trend for #gbpjpy. Upon cross analysis of the weekly & monthly, it was clear that downtrend trend had been broken. He argued that the pair was just experiencing a deeper re-tracement from its original bearish pattern. All I have to say is do what you want in regards to your own intellect, but don't cry for help if you get stuck on the wrong side of the track. For this week, expect a consolidation range of 184.0-181.30, so trade carefully as this is usually the point at which most traders lose the most amount of money. Depending on your entry continue to expect
900+ pips out of this cowboy!
3) #NZD/JPY (Daily) - Last week the bulls scored their first point at the predicted resistance level of 90.0. Again, upon opening this week expect a little re-tracement out this girl but not too much since there are no huge fundamental announcements affecting this pair this week with the exception of the trade balance on Thursday. So she may or may not retrace possibly 100-200 pips.
Hopefully we will see her make her move towards the projected D extension or future resistance level (somewhere around 91.50-92.0) range). Although, without some huge event giving her a major boost I'd expect nothing more than snail race towards the D. She's
expected to be keeper for at least 500+ pips. So don't let her go so easily...
Thanks for reading and please be sure to follow me and/or subscribe to my YouTube, Twitter, Instagram and Facebook at caramelnatural82. Happy Trading and Good Luck!
Xoxo, Deuces ;-)
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