Hello guys! For this weekly trade ideas, I will focus on three pairs, AUDUSD, USDCHF and USDJPY. Check this out!
AUDUSD- Bullish Divergence, Moving up?
Let's talk a look at AUDUSD pair. After a strong downward movement from S/R level 0.70, the price broke May's Low but soon the MACD indicator is showing a bullish divergence, which shows a reversal is likely. The price has gone up and it is on the way reaching the same S/R level, 0.70. Does it mean it is the right time to buy this pair?
It seems that this S/R level is so strong that it acts like a magnet. For this reason, I prefer to buy this pair. I still have buy position and will keep an eye for price movement this week, targeting 0.70.
USDCHF - Broke the Trend Line, Strong Selling Pressure
Next we move on to USDCHF pair. After a strong uptrend, the price has move in a downtrend and it has broken the trend line. It seems that the uptrend has ended and a new trend is forming.
I prefer to sell this pair so I will wait for the price to move higher before I enter the position. The nearest S/R level is around 0.99 so we can expect the price to get near that level before entering the trade.
USDJPY - Strong Selling Pressure
The pair is still on a downtrend with a strong selling pressure. The price has broken this month's Low, around 107.85 and now the price is at 107.31.
I prefer to sell this pair. Ideally I will wait for the price to move a bit higher, near 107.9 before entering the trade.
Good luck, happy trading!
Chart Disclaimer : This is not advice or recommendation to trade. It is pure educational and general information only. Do your own research before you decide to buy/sell the markets. Be aware of the risks.