Forex Weekly Analysis (6/1/15-6/5/15)

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 #forex currency pairs for this week. This week I will be concentrating on pairs with both bullish and bearish trend trading opportunities. This week trade pairs cautiously with proper risk:reward ratio until a clearer trend pattern can be defined, if it hasn't already. Expected high volatility going into next week's session and manage trades wisely, #usd (FMOC report, unemployment, and CPI), #eur (Grexit decision, PMI, unemployment), #gbp (PMI and bank rate).  Also, remember to have a trading plan and to trade that plan (i.e reasons for an entry and most important an exit). If you miss an opportunity, DO NOT chase the dragon it will always in one way or another be a losing battle for you. As always, remember the trend is your friend until it bends :-)
Food for thought: http://money.cnn.com/2015/05/31/investing/stocks-market-bubble-bonds-china-startups/index.html?iid=Lead

1) #EUR/USD (Daily) - Last week, this girl rebounded at the expected 61.8% fibonacci re-tracement level and tested the 1.10 resistance but failed to exceed it with a full body formation closing at 1.0989 with a hammer on the weekly chart. This week, a possible test of the upper 1.12 may occur. Although #eurusd is still in a strong downtrend on a weekly & monthly time frame a much needed short reversal may be looming based on a monthly bullish candlestick formation and weekly divergence. Be sure to use proper money management with this pair with rational risk:reward pending #Greece on June 5th. If given a bullish opportunity plan to go long (buy)  at the (1.1050-1.09) range toward the 1.12 and/or above. If the pair can exceed the 1.1550 level with a full body candle in the future, it is highly probable that an uptrend reversal has been confirmed & will continue towards the resistance level of 1.2 and/or above. If given a bearish opportunity plan to short (sell)  the market at the (1.14-1.1530) range towards 1.122 and/or below. Depending on your position, expect at least 300+ pips on this emotional roller coaster for this week. 
Market moving news: http://www.bloomberg.com/news/articles/2015-05-30/greek-talks-with-creditors-deepen-as-payment-clock-ticks

2) #EUR/JPY (Daily) - Expect a possible re-tracement of 100-200 pips from #eurjpy current position. If given a bullish opportunity around (136-135.3) plan to go long (buy) on this pair back up towards the 137+ range.  Expect at least 200+ pips on this sweet ride for this week.

3) #GBPNZD (Daily) - Last week the bulls continued to dominate the market, soaring to the high of 2.1575. If given a bullish opportunity after a 100-200+ pip re-tracement, plan to go long (buy) on this pair around 2.12-2.14, and back up to the (2.15 and/or above). If given a bearish opportunity in the future, plan to short (sell) this pair around 2.2-2.19 and cancel/replace as needed. Depending on your entry expect to ride this wave for at least 300+ pips for this week.

4) #GBPUSD (Daily) -  Last week, even though she slid to the 50% fibonacci re-tracement level producing a new low of 1.5240 (giving way to a possible C, within ABCD pattern) she manage to close above the inner monthly downtrend line with a spinning top candlestick giving addition confirmation of a trend reversal. This week she may retrace further towards the 61.8% fibonacci level before continuing her bullish ride. There could be another bullish attempt of the 1.55 this week as well. If given a bullish opportunity at (1.52-1.50) take a long (buy) entry on this pair back up towards the 1.56 and/or above range. Later, within the next few weeks if given a bearish opportunity at (1.5750-1.5840) take a short (sell) entry on this pair back down to the 1.546 and below range and cancel/replace as needed.  Expect at least 300+ pips profit from this feisty gal this week.  

Xoxo, Deuces ;-)

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