Weekly Forecast (FX)

EUR/USD

Market has formed a reversal at 1.2586 on 24/8/2010 (Tuesday) and closed at 1.2760 on Friday.
Since I have missed the entry during reversal, I only plan to enter intraday trades with tight risk management.

If you zoom into 30 mins chart, you can see a divergence and hopefully the market can come down to 1.2680 region for my Long entry.  I do not want to short as I feel insecure to trade counter trend now.

My Trading Plan:

1. Long at 1.2680-650 (Fibo retracement),
   SL 1.2600 (Current Support), TG: 1.2900
2. Intraday Long at 1.2626 (Fibo Range),
   SL 1.2586 (-40 pips), TG 1.2800.

GBP/USD

The correction from the top of 1.5997 is not significant, in fact, I am waiting for this pair to come to 1.5100 region.

Strong Reversal spotted at 1.5370.

From Weekly and Daily Chart, we can see that this pair has formed a reversal signal, you can also see a pincer bottom at 4 Hour Chart.

Trading Plan for Intraday only:

1. Intraday Long 1.5400
   SL 1.5370 (-30 pips), TG 1.5590 (+190)
2. Intraday Short 1.5599
   SL 1.5620 (-21 pips), TG 1.5450 (+149).

AUD/USD

AUD/USD made a strong bounce up and close at 0.8986 on Friday, biggest gain this month.

 

Strong Resistance: 0.9080

Resistance: 0.9020

Support: 0.8870

Strong Support: 0.8770

My Trading Plan for coming week:

1. Short 0.9020
   SL 0.9050, TG 0.8870.
2. Long 0.8870
   SL 0.8840, TG 0.8990