Trading Week Analysis for 28/5/12

There is a public holiday in the US on Monday so I may not trade until after then.

E/U: Price has broken below the key support level of 1.262. I suspect that price might re-test this level before any further fall.  BTW: The bullish inverse H&S pattern on the monthly chart is still valid.

I will look to SHORT the E/U on any new TS signal and if price holds below the 1.262 level. 

I will look to LONG the E/U if ‘risk on’ sentiment returns and it price breaks back above the 1.262 level and above the bear trend line.

E/J: I would look to LONG the E/J on a new TS signal, a return to ‘risk on’ and if price rallies, breaks, closes and holds above the bear trend line on the 4 hr chart.

A/U: Price has opened higher this week and is currently trading above the bear trend line. This candle has an hour to close yet though.

I will look to SHORT the A/U on any new TS signal and if price trades below the bear trend line.

I will look to LONG the A/U on any new TS signal, if ‘risk on’ returns and if price breaks, closes and holds above the bear trend line.

A/J: I might look to LONG the A/J on a clear TS signal and a break, close and hold above the bear trend line and if ‘risk on’ sentiment returns.

I won’t SHORT the A/J.

G/U: Price is trading above a significant trend line at the 1.56 level.

I would look to LONG the G/U on a new TS signal and if ‘risk on’ returns.

I would look to SHORT the G/U on a clear TS signal, if ‘risk off’ sentiment remains and if price breaks closes and holds below the 1.56 level.

USD/SGD: This pair has moved up to 300 pips since the initial triangle break out I flagged a few weeks ago!

I will look to SHORT the USD/SGD on a clear TS signal, if ‘risk on’ sentiment returns and if price breaks, closes and holds below the bull trend line.     

I will look to LONG the USD/SGD on a clear new TS signal and if ‘risk off’ sentiment remains.

Swissie: This pair has moved up to 300 pips since the initial ascending triangle break out I flagged a few weeks ago as well!

I will look to LONG the USD/CHF on a new TS signal and if ‘risk off’ remains.

   

I will look to SHORT the USD/CHF on a new TS signal, if ‘risk on’ returns and if price breaks, closes and holds below the bull triangle trend line.

U/J: I won’t trade this pair due to its irregular trading patterns.

Loonie:  This pair has moved up to 270 pips since the initial symmetrical triangle break out I flagged a few weeks ago too!

I would look to LONG the USD/CAD on a new TS signal and if ‘risk off’ remains.

I would look to SHORT the USD/CAD on a new TS signal, if ‘risk on’ returns and if price breaks, closes and holds below the bull triangle trend line.

Silver: The triangle trend line is giving Silver some grief. It is just hanging in above this on the weekly chart but struggling to hold above it on the 4hr chart.

 Gold: I’ve got Gold trading within a descending wedge pattern on the weekly chart. These are bearish continuation patterns. Gold is rallying off the bottom levels of this pattern at the moment though on the 4hr chart. Price could bounce around within this pattern for some time though as there is plenty of room until the apex. I’m watching Gold though closely as it is quite highly correlated with the AUD.