EUR, NZD, AUD & JPY - Market Barometer Long Term Update
Hi guys, here is my weekly macro update for the barometer. This is a daily time frame, so we are looking at macro level currency trends. We want to use lower intervals to time our trade entries, but the macro view helps us understand what to expect over the following week(s).
AUD - the AUD formed a double top in Feb, then broke down below support and is below the 50 (unity) level. We rarely see a triple, so I would expect continued weakness for the AUD.
JPY - the JPY is bouncing nicely on up trending support. We should see a strong push the upside over the next few weeks. If you are trading the USDJPY, expect choppy conditions. The USD is also strong. We will probably see some sort of a long term channel form on the EURJPY and USDJPY. We'll see.
EUR - the EUR made a massive 'unconsolidated' push to the upside. We should see a consolidation soon. If you are trading the EURUSD, I expect to see a choppy move short.
NZD - the NZD just finished a strong leg down. I would expect short term consolidation followed by more weakness. Look for places to sell the NZD after a short term pullback.
Trade safe and keep an eye on news!
AUD - the AUD formed a double top in Feb, then broke down below support and is below the 50 (unity) level. We rarely see a triple, so I would expect continued weakness for the AUD.
JPY - the JPY is bouncing nicely on up trending support. We should see a strong push the upside over the next few weeks. If you are trading the USDJPY, expect choppy conditions. The USD is also strong. We will probably see some sort of a long term channel form on the EURJPY and USDJPY. We'll see.
EUR - the EUR made a massive 'unconsolidated' push to the upside. We should see a consolidation soon. If you are trading the EURUSD, I expect to see a choppy move short.
NZD - the NZD just finished a strong leg down. I would expect short term consolidation followed by more weakness. Look for places to sell the NZD after a short term pullback.
Trade safe and keep an eye on news!
Comment:
Here is a shot of a custom (my hack) of the market barometer. I 'think' this version is more accurate on longer time frames, but I still have a lot of testing to do. My version filters out long periods of sideways price action and only uses higher highs/lower lows. Like I said, still testing, but interesting no? :D
