Based on my personal 2 MA trading strategy Forex analysis, I share with you the technical outlook and setups for five currency pairs.
23August, AtoZForex – The following is my 2 MA Forex trading strategy analysis for EURUSD, USDCHF, AUDUSD, EURCHF and NZDUSD.
EURUSD analysis: Neutral- Bullish
We saw the bullish price action development yesterday, price is trending above 20 SMA and 100 SMA and 20 SMA crossed 100 SMA, which indicates more bullish signals. Hence, we can expect the pair to retrace back on the 20 SMA 1.1325 and to continue upward.
Fx pending BUY LIMIT @ 1.1325 with Stop Loss: 1.1275 and Take Profit: 1.1360
USDCHF analysis: Bearish
Yesterday’s BUY LIMIT order at 0.9614 level was triggered and the position at this given moment is in loss with approximately 22pips. When we see the price closing below 100 SMA on the 1H chart, we can cut our losses and close the position.
AUDUSD analysis: Neutral-Bullish
The pair is developing a bullish price action. At this given moment, the pair is trying to close above 100 SMA on the 1H chart. However, we can wait for the 20 SMA to cross above 100 SMA for more bullish signal. However, I don’t recommend any entry for this pair.
EURCHF analysis: Bullish
Yesterday’s BUY LIMIT order at 1.0870 triggered and during the day provided an opportunity of 35pips profit. However, for those who are still holding this trade, we can see a bullish price action development on the 1H chart. The pair is likely to continue upward to 1.0920 level.
Also see: UOB daily trade ideas for Forex Traders
2MA strategy Forex analysis for EURCHF (click to zoom in)
See also: UOB daily trade ideas for Forex Traders
NZDUSD analysis: Bullish
The pair is developing a bullish price action on the 1H and Daily timeframe. We can see that the price is trending above 20 SMA and 100 SMA, which indicated a bullish price action. Based on my 2 Ma trading strategy, we can expect at this moment the pair to retrace back on 20 SMA at 0.7292. Lastly, expect the pair to continue upward.
Fx pending BUY LIMIT @ 0.7294 with Stop Loss: 0.7230 and Take Profit: 0.7335
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