EUR-USD

Monthly charts are bearish, weekly charts are bearish, on daily charts we are still bearish. Recent upward correction stopped majority of orders out with a decent profit from the last week. This time we’ll be looking at aggressive sell around 1.4450 with a stop above 1.4610.

GBP-USD

On Friday I was stopped out with a good profit.

Now, while monthly we are bearish, weekly charts call for a move up and so do daily charts, which already gave a strong upward bar.
If to look at 4 hour chart, you’ll see that trading session ended with a price hitting previous resistance level, making symmetrical tops. RSI and Stochastic are overbought. I’ll be selling aggressively with a tight stop of 20-30 pips looking to capture some pips if it bounces back down. S/L then will be trailed tightly with each new bar. With such a small risk It is almost a free trade.

But those who don’t like any risks should stay out, because mainly I’ll be anticipating a move up now with further opportunities to buy, unless of course situation changes.
Position: jump in and Sell as soon as session is open risk no more than 30 pips.
Otherwise keep out.

AUD-USD

My aggressive entry ended with a loss, and still weekly bar is battling at 200 SMA level. Well, this time no more aggression, I’ll be waiting for the market to give me further clues.

Truly yours,
Practical Trader

EUR-USD

Downtrend hasn’t officially ended yet. Still got bearish dominance on weekly charts, and no immediate trend change signals on daily charts, although Stochastic and RSI entered oversold zone.

Trading signals:
Bias: bearish
Preferred position: staying out
For those who are Short, S/L is above 1.4470

GBP-USD

The pair is extremely oversold. A minor correction upwards can be expected. No clear signals of a change of the main trend yet. A first possible reversal signal is noted on 4H charts, where MACD shows divergence between price and indicator histogram.

Trading signals:
Bias: bearish
Preferred position: staying out.
For those who hold Short positions – tight S/L around 1.7790

AUD-USD
With this pair we have an interesting setup to try aggressive entry.
Weekly charts – price meets 200 SMA, RSI is oversold and Stochastic crosses in oversold zone.
On daily charts we have a spinning top – and invitation for a reversal. Daily Stochastic is exiting oversold zone, RSI is also exiting oversold zone.

Aggressive position: Buy as soon as new trading week starts.
Set S/L below 0.8020. Initial profit target – 0.8350.

Truly yours,
Practical Trader

EUR-USD

This week hourly charts suggest an attempt of testing upper channel resistance around 1.4725-1.4740. Resistance at that level should push price lower to 1.4620 or 1.4570. Breaking below those levels would inspire new lows, however, if it holds, we should see a corrective upward recovery to 23.6 Fibonacci level (1.4913).

Trading signals:
Buy around 1.4625,
Take profit at 1.4890,
Place stop below 1.4460.

GBP-USD

The pair is extremely oversold. This week expecting minor correction to 1.8315-25; where 23.6 Fibonacci retracement level meets the most recent upswing. If breached, price may travel to 1.8350-60. Later new lows are expected.

Trading signals:
Preferred position – staying out.
Otherwise, Sell around 1.8340-60,
Let it run.
Place stop above 1.8360.

Truly yours,
Practical Trader

Long vacation is over - time to get back to work.
As many of our regular visitors have noticed, I’ve switched from daily signals updates to weekly commentary. Why?
First of all, because weekly forecasts due to their nature of seeing bigger picture of the market are more accurate.
Secondly, I no longer need to wake up early every morning to analyse charts and prepare a good review, which is time demanding.

Two most watched pairs - EUR/USD and GBP/USD - will remain in weekly forecasts.
Additionally, I may comment on USD/JPY, USD/CHF, EUR/JPY, EUR/GBP, AUD/USD, USD/CAD and GBP/JPY.
For those pairs I would need to see your request in comments to my posts. Otherwise, why spend time, if no one will use the information afterward.

So, starting next Monday. Waiting for your comments and questions.
truly yours,
Practical Trader