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Forex trader: What’s coming next week


Staying bullish on the New Zealand dollar.

Nick McDonald
Fri, 28 Sep 2012

New Zealand dollar
I was bullish on NZDUSD last week and I remain so. We are currently trading higher (at 0.8312) than we were as I typed last week but only slightly higher and my prediction from last week follows through into this week – expect to see prices at 84.00 very soon.

I put out a longer term prediction last week that EURNZD would revisit 1.5000 that is shaping up well already with a bigger potential move on the table.

US dollar
The USD has had a healthy pull back now and looks set to continue to the downside, it just has not happened quite yet.  I am also carrying the prediction on into this week that we will start to see more significant US dollar declines in the week(s) to come until the charts tell me otherwise.

Key currency pairs to watch this week
Everything versus USD! This has not changed since last week.

AUDUSD – I am still after 1.0600 in the coming weeks  and expecting the highs around 1.1000 to be tested in the coming months.

GBPUSD – Sterling in general is one of the strongest currencies in the shorter term and looks poised to trade above 1.6300 in the week ahead.

GBPJPY – sticking with the sterling theme, GBPJPY is my pick of the charts for this week and expecting a big push higher from the current level of 126.00.

EURUSD – Second only to GBPJPY, I am still looking for 1.3200 in the next 1-3 weeks.

Last column’s predictions – right or wrong?
Not right or wrong on any of them yet.  It was a quiet week in the currency markets and most of my predictions have neither worked nor been invalidated and hence I am rolling them into this week with GBPJPY added to the mix for good measure.

Happy trading!

Nick McDonald uses technical analysis and charting techniques to trade in forex markets, stock indices and commodities.

For training on the forex markets or to learn more, visit www.tradewithprecision.com

Nick McDonald
Fri, 28 Sep 2012
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Forex trader: What’s coming next week
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