Forex Weekly Analysis (3/2/15-3/6/15)

Hey there lovelies,

**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 both bullish & bearish trend trading opportunities.

**RECAP** (for GBPJPY, GBPNZD, & NZDJPY)
- #gbpjpy reached it's newest high last week (135.05) and retraced to it's current position. Expect some re-tracement, then a boost upward and a test of the resistance level 186.0 for this week.
- #gbpnzd reached a lower low last week (2.0360) and retraced to its current position. Expect some re-tracement up to possibly the 2.050 range, then a steady decline to support level 2.0320 and if broken further degradation to the D extension or next support level range between 2.0200-2.000 for this week.
- #nzdjpy surpassed it's past resistance level with a full body candle last week. Expect a stroll up easy street toward the D extension or next resistance level range between 91.20-92.0.

1) #EUR/JPY (Daily) - Last week this pair officially broke it's inner uptrend line with an engulfing bearish candlestick formation and is currently consolidating. This week she will test support levels between 133.0-132.50. Therefore, I will expect #eurjpy to continue it's merry way down  it's projected bearish support levels, which still falls within the 61.8 re-tracement level of an uptrend ABCD. I would scalp this pair carefully with a tight stop as a short (sell) down to the 132.80-132.60 range and cancel/replace as needed. As of right now #eurjpy monthly uptrend is still intact as long as the 130.0 support level hasn't been breached with a full body candle, but note that #eurjpy has been mading lower highs & lower lows for the last two weeks so a complete reversal could still be looming. Play it safe with this pair until a clearer trend direction can be defined by a decisive candlestick formation OR a breakout (below 130.0 or above 137.10).

2) #CAD/JPY (Daily) - For this week, expect a further retracement with a range between 95.80-94.0 with a test at that lower support  level, if held that would be a highly probable level for a long (buy) entry since level as been tested twice within the last three weeks. Look for decisive bullish formation for entry on this pair at the projected test support level. Depending on your entry expect to ride this wave for at least 800+ pips if this pair remains bullish.

3) #GBPUSD(Daily) - Last week the bulls scored their first point at the predicted resistance level of 1.5550 and then retraced. Again, upon opening this week expect more re-tracement possibly another 150+ pips. If given a bullish formation opportunity at either support test levels 1.5340 and/or 1.5200 be sure to take full advantage of her as a long (buy) entry. Beware she may be pretty dicey this week due all the announcements that may try to kill her vibe. So tread her waters carefully....I'm projecting at least another 500+ pips upward from this feisty gal.

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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