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The FTSE has seen a strong move to the upside since finding previous support on 8th August. Today has seen the FTSE reach its highest level since 2000 and what we appear to be seeing is a high test pin bar of the key level of 6900. Furthermore we are also seeing divergence on both the stochastic and MACD indicators. Please be aware that this is a counter trend trade and also tomorrow, 5th September is non-farm payroll day so we could see some volatility in the markets. Please magane your risk and position sizing accordingly.

Attached Image (click to enlarge)

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Week commencing 8th September 2014 – Watch List

Last week saw some interesting moves in the market with all EUR pairs falling after ECB announced a rate cut. Apart from EURGBP all EUR pairs are way beyond the moving averages and would require a form of retracement to consider entries from the daily charts.

All GBP pairs gapped substantially at market open driven by an opinion poll that has put Scotland’s pro-independence camp ahead for the first time in the campaign, just 11 days before the referendum on splitting from Britain.

Please check out this week’s news events here

USDJPY
A pull back to 104.00 could present an opportunity to join what is starting to look like a very strong up trend.

USDCHF
Has continued its push to the upside and is presently way beyond it moving averages, a pull back would be required ideally to the 0.9200 level to join the trend.

NZDUSD
Currently finding support at the 0.8300 level, a break below this see a further fall to the next key level of 0.8100

AUDJPY
The upward trend has continued its march forward like many other pairs this is way beyond its moving averages a pull back to around 97.00 could present us with an opportunity to join what is currently a very strong trend.

AUDNZD
Another example of AUD strength here, the pair has broken the key support and resistance level of 1.1200 and has closed above this level for the last 3 days, if we get a pullback to this level it could be a great opportunity to trade this pair long.

AUDCHF
Currently finding resistance a previous key level of 0.8735, a break of this level would see significant upside potential, we do however need to see a retracement prior to this happening.

NZDCAD
Broke through and closed below the key support level of 0.9185 on 25th August, a pullback in to this level could present us with the chance to trade this pair short

CADCHF
Is now starting to look very bullish, the 50ema has crossed above toe 200ema and we have broken through key level of 0.8500. Keep your eyes open for opportunities to get long on this pair.

As per our analysis yesterday we have now seen AUDNZD pull back to 1.1200 area of previous support and resistance, which you can see clearly on the daily chart. Looking at a potential entry on the 4hr chart what we see is pullback to the 50ema which is also coincides with 50%fib retracement taken from the low of 1st September to the high of the 5th September. Entry should be placed above the high of the current candle (wait for the 4 hr candle to close) with a stop around 1.1187 to give some breathing space and take profit 1 before recent highs at 1.1288

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This update is related to the following trade setup:

https://forex-setup.com/article/show/SU-00000013

After being taken in to the trade it moved sharply agains us and luckily out stop was hit. I am still have a bullish view on this pair and will continue to look for long entries off the daily chart



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Over the last couple of days we have seen AUD weakness across most AUD pairs. AUDCHF has been trending nicely over the last few weeks seeing a significant move upwards last week stopping at the key resistance level of 8735. Today we saw price retrace quickly almost to the support level of 0.8500 and very quickly reject that level. In doing so now have a lovely looking low test pin bar rejecting this key level. Consider placing a buy order above the high of today’s bar once it has closed with a stop below the low of the bar. If you want to be ultra conservative with your stop you may wish to place the stop below the 50ema around the 0.8485 level. Either way you can achieve at least a 1:1 risk reward before the most recent high. Please be aware we are expecting 2 AUD red flag news releases at 02.30 BST tomorrow morning which could potentially cause some volatility.

https://forex-setup.com/article/show/SU-00000014

This update is related to the following trade setup:

https://forex-setup.com/article/show/SU-00000014

The Australian employment figures released last night were considerably better than expected which helped take us in to this trade, after a sharp move upwards price has now pulled back slightly which is to be expected. Patience is now required to see how this trade plays out.



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