Currency Trading – Big Profit Opportunities For The Week Ahead
Please find below currency trading opportunities for next week based upon the same style of analysis we recently published to catch the big moves in energies. There look to be some great opportunities in the currencies this week, so let’s look at some of the major currencies and the best ones to focus on for Monday. Dollar getting short - With good risk reward The dollar primary trend is down against the majors with the exception of the Yen. While the primary trend is down, we have had a good bounce but it looks like it could run out of steam and this will be a good time to enter new dollar shorts. As per usual were using charts and three indicators the stochastic, the Bollinger band and RSI and you can get some great free charts at futuresource.com Get confirmation before trading Don not try and predict the moves, always wait or confirmation of short term momentum shifting to the upside by using the stochastic indicator to time market entry. Currency trading opportunities The Euro The primary trend is up and the sort term trend is down We favour the long side and would look to key off the 1.24 level Watch for stochastic momentum to turn up with bullish divergence above or at this level to initiate longs into the market. If prices can steady resistance is at the mid bollinger band, if this and the recent double top gives way look for an advance to the highs. RSI 44 The Dollar Index The primary trend is down and short term trend is up Resistance is at the 88.00 level. Look for a selling opportunity into this level. Stochastic momentum is up, but is overbought look for selling opportunity into this level and sell on stochastic crossing to the downside with bearish divergence. Dont jump to soon, wait for confirmation. RSI 58 Comment: This is a trade we like and we will be looking to get short as soon as short term mometum falls. The Yen The primary and short term trends are down and prices are looking to test the critical 86 level. A test of these lows looks imminent and traders should go with market action by selling a break of the lows. If prices, however steady at these levels and hammer out support take a stochastic crossover as a signal to go long for a quick pop to the upside. We would not try and trade this move and would wait on the sidelines for now RSI 30.48 The British Pound Primary trend is up and the sort term trend is down. Key off current levels and look for the 1.80 level to provide strong support. Watch for downside momentum to ease and time entry on stochastic crossover to the upside with bullish divergence. RSI 39 The Canadian Dollar The primary trend is up and the short term trend is down. The dollar advance is looking like it will run out of steam and resistance is at the 8900 level, which is the bottom of the recent channel. RSI 43 This is a great long term trend and we are keen to go long and with the dollar index is our favorite trade of the week. We have covered other majors but these two are our favorites while we are keen to be long the CD and short the DX we need to see price momentum shift in our favor and will watch closely for short term strength to enter. As per usual, don't jump to soon.
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