No Bullshit Forex Blog, A Part of No Bullshit Network

A friend of mine, J quoted that it’s pointless to do predictions for the following week since people always buy and sell, and everything right now is just a guess. It would be better if you understand price action and volume, read the market each and everyday. That’ll I have to put my hats to him and agree.

I’ll still be doing this to sharpen my Technical Analysis. Don’t take me wrong, this is meant to be some sort of homework I do for myself, and it might not work for you. Never use anyone’s signals or advice to open any positions. Trust your own studies, judgement, and if you’re new, to your demo account. (It takes pretty much countless of blowing to demoralize you to let you know trading the real thing isn’t easy)

GBPUSD

Main trend is still bullish. With the MACD just reversed to the upside on Daily, a long position will be desirable next week if there are no major news annoucements or so.

GBPCHF

Crossed the 200EMA lines on 30M, 1H and possible of crossing it soon on the 4H chart. It crossed the lines on Daily though. Looking at the candles on Daily, a hammer is formed before the closing. For a short confirmation, we’ll need the opening to come with a longer bear candle beside it for the opening. Whilst most indicators on this pair should be bias for a long, we’ll side step for now.

EURUSD

Main trend is bullish. As it just broke out towards the upside before the closing of the week, we’ll keep tab on the movements in the opening and if any news will be affecting this pair. It crossed all 200EMA/SMA levels, and the MACD on the daily side is reversing towards the upside. It might retrace, so side stepping for the moment.

EURAUD

A doji formed on the daily, with a possible reversal of MACD, daily charts towards the overbought zone. It looks more bias for a short, note the position of 200EMA lines as well.

USDJPY

The dollar is picking up steam on JPY. Definitely bullish from the way we look, just only crossed the magic 200 EMA lines with MACD reversing almost on all duration charts. It’s within the 38.2 to 50.0 fibo range (H4 chart), so it might range awhile here.

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