Week of June 8, 2015 overview and chart setups

Be prepared for lower volatility this upcoming Monday as it is the Queen’s birthday. I admit I didn’t know about this until my broker sent an email cautioning trading activity on this day.

Nevertheless, there is still pretty full week of trading. Last week, I focused more on trading economic releases instead of the technical aspects. This week, I’m looking to resume trading technical setups as fundamental releases are spread out a bit more. In between news events, there should be adequate volatility for these technical setups.

EURUSD 6-Hour
EURUSD 6-Hour

Not much going on for the EURUSD pair, but definitely need to keep an eye out for it. The two wedging trend-lines are not expected to hold out, but will give us an early indication as to continuation breakout direction. Furthermore, the price is currently testing the resistance turned support zone. Price has been playing off of this zone for quite some time now so this definitely marks a critical zone. As of right now, price is currently testing this zone.

NZDUSD 6-Hour
NZDUSD 6-Hour

There really isn’t much of a setup on this downtrend, but Barclays predicts the Reserve Bank of New Zealand will cut rates this week. Barclays Capital advises investors to sell off the NZDUSD pair in anticipation for a 25bps or 0.25% cut. This rate cut is anticipated during the cash rate statement on Wednesday.

Source

USDCAD 1-Hour
USDCAD 1-Hour

This is the USDCAD pair where we’ve experienced mixed signals from both the U.S. and Canadian economic releases. We expect a bullish USD in the upcoming week. However, the future always remains uncertain and so we have quite a few potential entry levels. These are based off of potential demand zones. In terms of technical analysis, this is actually the rule based trading approach. This levels help you plan the entry and exit points.

GBPUSD 6-Hour
GBPUSD 6-Hour

Based on the moving average cross over, we are preparing for a bearish week for the Great Britain Pound. Nevertheless, I have several levels below the current price marking potential buying zones that we need to keep an eye out for. In fact, the market open is actually testing the current zone right now. Once volatility picks up overnight and more on Tuesday, we’ll see how this pair plays out.

Advertisements

A Pip For Your Thought?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s