Saturday Forex Analysis - May 12th, 2018
The strategies discussed below are suitable for swing traders.
CAD
CAD is somehow inside the triangle. The lower line of the triangle is a line made from Sep 14th, 2012 price. The upper line of the triangle was from Jan 22nd, 2016. That’s a very STRONG triangle for me. Both the RSI and MACD are showing that the price is somewhere in equilibrium. Thus it could be advised to trade the triangle, until it breaks.
GBP, EUR, & CHF
These three, GBP, EUR, & CHF also have similar situation between them. The RSIs are in the extreme overbought/oversold condition. The MACDs are almost crossing, but still not crossing yet, and lastly, the prices are close to their 200 EMAs. Let’s wait a couple of days for a clear signal that the price will reverse before entering any position.
AUD & NZD
Both AUD & NZD are bouncing their round numbers, 0.741 and 0.69 respectively. Although it seems that they are both wants to go upwards, it may actually be the retracement for the bear market. Both MACDs are still below zero and the signals are not crossing yet. I think there is no clear signal for both AUD and NZD currently, those wanting to trade could follow the pivot points.
JPY
JPY also doesn’t have a clear signal currently. The price is hovering above the middle pivot which could mean a great buy opportunity with small stop loss level.
Conclusion
- CAD: Trade the triangle.
- GBP / EUR / CHF: Wait for a clear reversal signal before trading.
- AUD / NZD / JPY: Trade the pivots or just skip trading this week.
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