My view on some majors ~ forex news trading method
Most of the majors are at cross road at the moment. In continuation of my desire to share my views here I present my views of some of the majors today.
GBPUSD
My current view on the GBPUSD is still valid until the daily candle closes outside the box. Once that happens, the next range is clearly indicated on the chart.
USDJPY
For the USDJPY 82.00 is the crucial point at the moment. Reaction of price at this point will determine our direction. If this point hold and price successfully break 83.16, then a test of 85.00 area is possible. If 82.00 fails, then a freefall is a big possibility. Weekly is currently at an indecision mode as depicted by the current star.
GBPJPY
For the USDJPY 82.00 is the crucial point at the moment. Reaction of price at this point will determine our direction. If this point hold and price successfully break 83.16, then a test of 85.00 area is possible. If 82.00 fails, then a freefall is a big possibility. Weekly is currently at an indecision mode as depicted by the current star.
USDCAD
USDCAD is current oscillating between 1.01120 and 1.03200 areas. A touch of 0.99600 is possible to create a double botton on the daily chart.
AUDUSD
For AUDUSD my earlier analysis is still valid. Where the daily candle closes today is very crucial. A close above 0.98400 is an indication that parity is still a possibility. The most important determinant of direction of the currency now is the weekly candle and close below 0.98400 is a confirmation of a drop to at least to next support at 0.93800
EURUSD
1.38200 is a crucial point EURUSD, weekly close below or above will determine whether the bullish move will continue or the bear will take over.
In summary, the most profitable option technically for long term trade for EURUSD and AUDUSD is short, while the best option for USDCAD, USDJPY is long. For GBPJPY and GBPUSD, 127.00 and 1.60000 respectively are crucial points in determining, the next level for both pairs.
For the the short term trades, if the daily and the weekly is bearish, then you continue to go short using H4 for direction and M15 for entry.
On the other hand, where the daily and the weekly is bullish, then you continue to go long using H4 for direction and M15 for entry.
I attach the relevant charts for these above analyses.
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