Weekly Trades: EUR/USD, EUR/JPY, GBP/CAD

Last week informed GBP pairs were low and depressed, especially against its overbought counterparts AUD, NZD and EUR and had no choice except to rise.

GBP/USD did and rose 277 pips and we profited 212 pips on 277.

This week GBP/USD and GBP/JPY retain horrible weekly positions but this includes GBP/USD’s main counterpart, USD/CAD. The spead at 1100 pips leaves GBP/CAD in questionable limbo land to direction. But GBP/CAD as most neutral of all Currency pairs due to its position as middle currency pair to total opposites USD/CAD Vs GBP/USD is performing its natural neutral function. Only when the spread decreases will GBP/CAD become active again as a regular viable weekly trade.

EUR/CAD will become the star performer this week while GBP/CAD will under perform.

Despite terrible positions to GBP/USD and GBP/JPY, its low, depressed and deeply oversold GBP/CHF to assist in GBP longs as the rear guard holds GBP/USD and GBP/JPY supports.

Wide rangers EUR/NZD and GBP/NZD remain low and depressed and partly due to overbought NZD/USD. Same scenario for GBP/AUD and EUR/AUD as AUD/USD retains its severe overbought position over last weeks. AUD/USD at 0.6900’s is fast approaching its long term target at 0.7192 which means not much remains to topside AUD/USD. Longer term, AUD/USD at 0.6600’s is easily achievable.

EUR/USD and EUR pairs continue to contain terrific price paths and favored trades for about 3 weeks running. No difference this week. EUR/JPY at 120.00’s faces massive resistance at 122.00’s and EUR/USD at 1.1300’s achieves its long term target. EUR/USD longer term could easily trade to 1.0900’s.

JPY cross pairs all overbought including CAD/JPY but not to include GBP/JPY.

EUR/CHF since January retains the status as worst trade able currency pair as no viable movements exist. Same for EUR/GBP. Better trades are GBP/CHF, NZD/CHF and AUD/CHF.

USD/CAD is clearly the best trade vs CAD/CHF and CAD/JPY while CAD/JPY remains the better trade against CAD/CHF.

This week’s EUR/USD trade hardly changed from last week and we’ll run it again. We’ll run with EUR/JPY and GBP/CAD.

Weekly Trades

EUR/USD

Short 1.1288 and 1.1312 to target 1.1166.
Short below 1.1141 to target 1.1043.
Long 1.1043 to target 1.1092.
Long 1.1166 to target 1.1231.

EUR/JPY

Short 121.05 and 121.23 to target 120.25.
Short below 119.98 to target 119.05..
Long 119.05 to target 119.60.
Long 120.25 to target 120.69.

GBP/CAD

Long 1.6882 and 1.6867 to target 1.7012.
Long above 1.7030 to target 1.7162.
Short 1.7162 to target 1.7094.
Short 1.7012 to target 1.6946.

 

Brian Twomey, Call for trades if interested brian@btwomey.com

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