GBP/CAD, GBP/NZD, More Monthly Recap: Levels, Ranges, Targets

Today represents 1 month since the March 14 USD/CAD and CAD/JPY posts. The personal objective was 30 pairs posted and + 3000 pips. The count is about 25 currency pairs from the majors and 4  pairs to include HKD, NOK, KRW and CNY. Certain currency pairs can’t post because no trade exists and the analyst CAD/CHF is a great example. CAD/CHF is actually an embarrassment to post as a trade by itself. CAD/CHF and other currency pairs fit into what I call Complementary Currency Pairs and those pairs are used specifically for “other” trade purposes.

CNY achieved 300 pips and despite a wild currency pair, far more upside exists. Not sure regarding overall pip count but assumption is far more than 3000 pips were achieved. Far more gains would’ve been seen if I held positions to targets. EUR/AUD for example runs currently +391 pips from 1.6191 ish and achieved new lows overnight at 1.5801 and soon we’ll see 1.5738 and lower.

Only AUD/NZD under – performed and remains off its entry while every currency pair posted achieved objectives. AUD/USD is near 0.7834 targets and AUD/JPY now runs +195 pips. AUD/USD and AUD/JPY require review for AUD/NZD insights but I’m committed to AUD/NZD longs.

EUR/CAD now runs + 86 pips and far more downside to go.

Think about Overbought / Oversold concepts, entry prices and the laughable Professional Score to judge statistically trader performance, success / failure. Review any of the 30 ish currency pairs and ask does an entry price matter. Did it matter where to enter EUR/AUD, EUR/GBP, USD/CAD, CAD/JPY. Only consideration is target, not entry and the Professional Score is highly suspect to its calculation measures. Respectfully, currency traders today especially the post 2008 crowd have much to learn. Thank you to my sincere friend Peter Wadkins as he celebrates his 45th continuous year in FX on November 5th.

GBP/CAD at 1.7900’s just launched a fresh trend lower as long as prices remain below 1.8038 and 1.8068, most vital is 1.8038.

GBP/CAD meets the trade criteria but doesn’t offer a giant trade gain.Watch for entry at 1.7945 and 1.7984 today.

Targets are first at 1.7815, 1.7772, 1.7731 and 1.7701. Overall, 1.7701 is a must break for lower prices and additional gains. As 1.7815 is a minor break, target overall is 1.7772 but again no need to marry specifically 1.7772 as this point is a huge break and no further need to play around rough break points.

GBP/NZD is a currency pair I don’t like. GBP/NZD’s journey represens a huge correction. Lower overall and sell price rises is the way but GBP/NZD contains problems as lower will take some time. Lower means eventual breaks at 1.9253 and 1.9188.

More pairs will post to conplete the 28 majors then consideration to many others.

 

Brian Twomey