As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at.
Recent data has shown a slow down in the German manufacturing sector. With European economies still working on a recovery, the ECB is hesitant to raise rates, but plans on doing so this summer. However, Japan is experiencing the same thing, yet they are far off from raising rates.
EURJPY looks strong on the 1D and 4H timeframes after a strong uptrend for the past week. Price has support in the 141s as well as the rising trend line on the 4H. The 50 and 200 simple moving averages are also promising support levels for the pair should price move lower. The Edgefinder has even ranked it the highest buy rating at +5.
GBPUSD is another setup that looks promising to the short side. Both the US and UK are fearful of returning to a recession after stagflation. The only difference is that the USD is what investors see as a safe haven while the pound is more speculative. The US is also outpacing England in their attempts to raise rates and curb inflation.
On the 1D timeframe, this pair found a new low and is slowly working up from that level. There is a falling trend line that could serve as resistance as it is also paired with the 61.8% fib retracement zone. Just above that, is the 50 DMA of mild resistance, while the 1.26670s serves as a double top. These were the three short opportunities that look promising. The Edgefinder ranks this pair as the strongest sell rating at -7.
CHF is strong, but the USD is stronger. The SNB's recent decision to hike rates pushed this pair lower while risk-on sentiment added to the dollar sell off. This was an unexpected decision and was the first time the bank hiked in over a decade. The Edgefinder actually ranks this at a -3 sell rating.
The double top on the 1D timeframe suggests heavy resistance as price retraced hard underneath it. However, the pair may have found support on the 61.8% fib level. There is also some additional support below that around 0.94628. The fact that the pair did cross underneath the rising trend line is a bearish sign, so price may continue lower in the meantime.
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