Forex Sailing Trading Analysis for April 18-23

Starting today, I'll be sharing a weekly forex market daily trend analysis for the upcoming week. These updates will go live 1 hour before the Forex market opens (4 pm EST on Sundays).

This analysis is useful for spotting Forex Sailing trading opportunities. If you haven't learned how to sail the forex market yet, make sure you sign up for the free 20 part eCourse to get your free online forex trading courses.

This week's Forex Sailing Trading Analysis covers the daily trend direction of 6 MAJOR currency pairs with brief commentary and fundamental news to be aware of.

Currently the EUR/USD, GBP/USD, USD/JPY, AUD/USD are in an uptrend. The USD/CAD is in a downtrend. The USD/CHF is in a consolidation.

Here are the quick forex chart shots along with a short explanation to be aware of for Forex Sailing opportunities this week:

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EUR/USD is in an uptrend – The daily EUR/USD broke a downtrend that started in December 2009. A new fibonacci wave has signaled a new uptrend. As this uptrend continues, only look for LONG Forex Sailing trading opportunities. EUR/USD Fundamentals – there are no major fundamental announcements this week that will affect Forex Sailing opportunities. It should be smooth sailing this week. EUR/USD News - News is a little mixed. Greece is still having financial trouble (bad for uptrend), but I believe the worst has been played out. I don't believe this is a major story that will continue a daily downtrend.  The USD could rally further, but the EUR/USD has probably lost it's downward momentum.  This is an opinion as the news has lost it's "panic" feeling that was happening during this entire downtrend.

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GBP/USD is in an uptrend – The daily GBP/USD broke a downtrend that started earlier this year. A  fibonacci wave & part of a second wave has confirmed a new uptrend. As this uptrend continues, only look for LONG Forex Sailing trading opportunities. GBP/USD Fundamentals – there are several announcements stacked on top of each other for the GBP this week. On Tuesday, Wednesday & Friday morning there will be a lot of volatility causing stormy weather for Forex Sailing. It would be best to wait until at least next week until this storm blows over. GBP/USD News - No major news happening that affects this currency pair, just a lot of fundamental announcements happening with the GBP this week.

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USD/JPY is in an uptrend – The daily USD/JPY has formed a perfect Fibonacci wave after breaking out of a month long consolidation following a several month downtrend. This is a very strong Forex Sailing opportunity. As this uptrend continues, only look for LONG Forex Sailing trading opportunities. USD/JPY Fundamentals – on Monday morning at 5 am EST JPY will have two medium level announcements.  It would be best to wait until the 9 am EST on Monday to look for a way to ride this wave.. USD/JPY News - No significant news affecting this currency pair is currently being reported.

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AUD/USD is in an uptrend – The daily AUD/USD has been in a solid 3 wave uptrend for the past 10 weeks. Although the trend is currently still legitimately moving up, it shows signs that it may be entering a consolidation. Look for LONG Forex Sailing trading opportunities, but don't plan to ride the wave as high as usual. AUD/USD Fundamentals – there are no major fundamental announcements this week that will affect Forex Sailing opportunities. It should be smooth sailing this week. AUD/USD News - News signaling a potential trend reversal is being reported on the AUD. Although you may still look for Sailing opportunities, what may happen is you may notice that there aren't any forex trading opportunities for sailing as the trend may start to reverse. This is a currency pair you want to watch closely as you attempt to trade it.

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USD/CAD is in an downtrend – The daily USD/CAD is near completion of the third Fibonacci downtrend wave for the past 10 weeks. The trend shows potential signs of a reversal, but it's still too soon to tell.  Look for only SHORT Forex Sailing opportunities, but watch this pair closely as it may go into a consolidation or reverse into an uptrend soon. USD/CAD Fundamentals – At 1 pm EST on Tuesday and 12:30 pm EST on Friday the CAD will make two high impact fundamental announcements. Exit any trades before these announcements to avoid the potentially volatile stormy weather. USD/CAD News - A potential reversal signal from the news is that the Bank of Canada is risking the strength of the CAD with their recent decision. This is something to be aware of as a potential reversal signal is looking likely.

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USD/CHF is in a consolidation – The daily USD/CHF has been consolidating for the past month.  No Forex Sailing opportunities are possible as Forex Sailing does not work in consolidated trading ranges. USD/CHF Fundamentals – since we don't trade currency pairs in a consolidation, the fundamental announcements for this currency pair are irrelevant. USD/CHF News - since we don't trade currency pairs in a consolidation, the forex news for this currency pair are irrelevant.

This analysis should be good until April 23rd, 2010. If any major developments happen, I will post an update to the rapid forex blog.

How to Go Sailing?

This is the first weekly Forex Sailing analysis on the rapid forex blog. While Forex Sailing will be taught in more depth this week, currently some of this may be mysterious. Until the complete version of Forex Sailing is released, just look at your Forex Charts and try to see this analysis for yourself.

Soon you'll know exactly what to do with this online forex trading opportunity analysis.

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