Forex Weekly Watch List – May 8th 2017

First on the list is GBPCAD . We are SHORT bias on this Forex pair.

As you can see on the first image below,

  • Weekly price action has tested the 200ema with high test (Inverse Hammer) candle.
  • Friday daily closed was a high test which further supports our BEARISH Bias
  • Following the break of 1.76 zone price really started to show its dying momentum.

GBPCAD Weekly Chart

GBPCAD Daily Chart

Next in line our radar is CADCHF. We are LONG bias on this Forex pair.

Lets first take a look at the weekly chart.

  • Weekly time frame has printed a Low test/ Hammer candle at a very significant support level.
  • Also looking at the weekly chart holistically you can see that price has found 0.70 to 0.72 as recent support and price has started to base out
  • Also noticeable is the fact the weekly chart has been making higher lows
  • Now looking at the daily chart you will see that last fridays close was a inside bar candlestick pattern.
  • Daily MACD line is at the bottom and the signal line is crossing over the Bullish side
  • If you look at 1h and 4h chart you will see that price has successfully broke above a down trend line

My plan is to monitor the 1h and 4h charts for an entry. Ideally a 1h retracement back to 50 ema.

CADCHF Weekly Time Frame

CADCHF Daily Time Frame

CADCHF 1Hour Time Frame


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