The past week was mostly uneventful as larger traders continue their rebalancing of portfolios in anticipation of Q2 U.S. econ data. Most moves from the previous week or two continued on with the theme of a weakening USD.
Let’s take a look. Comments are welcome below.
EUR/USD D1 Chart
The Euro continues to crawl upwards toward 1.1000. It’s just above the consolidation area of 1.0500 and 1.1000. Greek shenanegins with their debt doesn’t seem to be taking a toll on the currency at this time.
GBP/USD D1 Chart
The pound is continuing to rocket up on the back of decent UK inflation numbers and an overall weakening USD. This was a trade that can make a lot of money for astute traders. Make sure to check out the GBP/JPY chart below.
USD/CAD D1 Chart
The loonie is also riding the back of a weakening USD. There were a couple of fine pin bars to take advantage of by either entering or adding to a solid profitable position.
GBP/JPY D1 Chart
Geppy was a fantastic pin bar setup for a 50% candle retrace entry. This is the kind of trade that when played correctly can allow you take the summer off on vacation!
If you are unfamiliar with any of the analysis offered in this post, you may want to consider purchasing the ForexMarketMaster Forex Trading Course.
Here’s a link to the calendar of econ events for the next week. High and some Medium impact events are the only ones to be concerned with: http://www.myfxbook.com/forex-economic-calendar
Good trading to you!