4 Free Forex Trading Signals For July 31 – Aug 4 2017
How did these play out?
AUDCHF – Once price gave us over 200 pips last signal update, this week price action ranged at resistance. No trade.
AUDJPY – Pattern resolved to the downside and this was a small trade of 44 pips
CADCHF – The strength did not continue this week and there was the pullback that we were looking for. For context, price had run into a resistance zone and also completed a broken trend line measured move which primed it for a reversal. Once price started to fail, a four hour chart was used as the July 28 candlestick appeared to be an exaustion in an overbought market. Failed bear flag after momentum push down gave potential of 88 pips. Trend line retest traders had 60.
EURCHF – We were watching the weekly chart and looking for the liquidity gap from January to be at least partly filled. After a strong week last week, limited range this week in a highly overbought market on the daily chart.
Setups were pretty solid throughout the week with only the NZDUSD giving an entry that resulted in a quick loss. Overall pip potential for last week was 1340 factoring in the loss.
Only a handful of setups this week as overexposure for a few currencies (CHF and CAD) is a real concern. Other crosses are in the process of resolution without signs of one move or another.