AUDUSD forex setup

Weekly Forex Outlook: September 24

Yo, crew! ✌️ How has your trading week been? This week was again pretty good for reversal traders, with many setups going through! A few of the setups of my last week’s outlook did also materialise, so we’ll go over them in a few moments.

 

 

The first one was AUDNZD on the daily charts. I indicated last week that there was a double top, followed by a move down. As expected, the price kept on moving downwards and even though these are not the types of movements we saw two weeks ago, it’s still a very nice development.

 

The price is approaching a smaller intermediate support level, so while I think this setup still has room to move lower, conservative traders might want to take some profits off the table already. I’m still in this trade since, with daily setups, closing trades over the weekend is not that important.

 

AUDNZD review

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EURUSD 4H

Weekly forex outlook: December 4

Another week has gone and we’re getting closer to the end of the year. Time flies!

 

The big item this week was the OPEC meeting on Wednesday. Many markets were in anticipation of a deal by the OPEC to cut oil production. The first couple of messages we got on Wednesday morning sounded hopeful, but it was still too early to tell. Later on the day, it was finally announced that an agreement was reached, and as expected the crude oil futures and CAD shot up (Canada, as one of the big oil producers of the world, benefits from an increase in the oil price).

 

As we speak, markets are preparing for the results of the Italian referendum on Sunday. A no vote for prime minister Matteo Renzi’s plans could potentially move the markets and bring further instability to Italy and the European markets in general. A bit of caution is therefore advised when you’re thinking of entering trades on Monday morning. Expect some volatility, gaps and sudden price moves.

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