<strong> </strong>
<ol>
 	<li><strong> INTRODUCTION:</strong></li>
</ol>
I’m back…I sure know how to pick dates for a sales tour in Europe! If it wasn’t BREXIT it was the UEFA EURO 2016 Football that played havoc at times with swings in attendances!

Overall, the attendances at the seminars were below what I had expected. When they clashed with UK/IRELAND based matches attendance was poor and when they didn't it was good. Having said that I met some really nice people, who will be reading this blog for the first time; welcome! Make the most of this as, next week I am away in Saratoga Springs watching Dave Matthews in concert so the week after that - the 22<sup>nd</sup> of July will be my last blog until I return to blogging after the summer doldrums in early/middle September.

However, for PREMIUM SERVICE subscribers please note that I will be trading throughout the “blog break” this year. Each weekend, I will send summaries via email and update the website and any market thoughts will come either via twitter or the odd email.

I must admit I found it very difficult trading whilst away from my multi-screen office environment. Even if I run out of computer screens I augment my options by adding in a few laptops and iPad’s if required. At yesterdays NFP I had 12 screens open. Traveling through BREXIT with a laptop and an iPhone and iPAD was hard, in fact given the fact that I trade through seven brokers it was too much for hotel Wi-Fi and even creating hot-spots didn’t help too much either. I missed lots of trades that I had hoped to participate in, so I am now eagerly awaiting the reverse moves, albeit I think we will have a bit of a break and more uncertainty until that happens.

I am certainly far from being an advocate of over-trading, but I missed so much of that fecking cable move lower across a multitude of pairs I am primed and raring to go! Although my stature does NOT reflect this, I am like a coiled cobra waiting to pounce. Now there’s a vision for all of you who have met me!!

From a trading perspective over the past few days, I only really got back in front of my screens on Wednesday afternoon. My wife and I stayed downtown Montreal as soon as we returned back to Canada to see Sting and Peter Gabriel in concert (ROCK, PAPER SCISSORS TOUR). It was a great gig and although I still have a bit of jet lag, I am looking forward to getting my teeth back into this mess of what is loosely called a market.

Section 4 (PREMIUM SERVICE SUBSCRIBERS ONLY) this week, is really extended above the usual size as I have so many thoughts and ideas to share with subscribers. I have four weeks of trade thoughts and ideas and other stuff stuck in my brain that I need to spew out.

Moving on, for anyone new to this blog…

FREE PREMIUM SERVICE subscriptions, just to remind you; you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>

You are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.

The next draw will be early September when I return from my summer break.

<strong> </strong>
<ol start="2">
 	<li><strong> THE PREMIUM SERVICE:</strong></li>
</ol>
<u>WHAT IS THE PREMIUM SERVICE:</u>

The PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.

Full details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.

Additional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.

<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>

Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.

PREMIUM SERVICE subscription costs are as follows: -

CAD$240.00 - 4 weeks (1 month)
CAD$500.00 - 10 weeks (3 months)
CAD$750.00 - 20 weeks (6 months)
CAD$1,250.00 - 40 weeks (12 months)
<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00

I work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.

<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:
</u>
NET PIPS TO THE MONTH SO FAR:       +381 pips
NET PIPS THIS YEAR SO FAR:                +6,501 pips

NET PIPS 2015:       +10,686
NET PIPS 2014:       +11,209

(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).

If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.
<ol start="3">
 	<li><strong> THE FX MARKET PLACE:</strong></li>
</ol>
<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>

U.S. NON-FARM PAYROLLS:

Very little to say this week other than what a f**ked up marketplace we have. The moves after NFP were just bloody stupid. They made no sense at all to me. I fully realize that at times as a retail trader we are just the equivalent of a pimple on a banks a*se. But come on for God’s sake these moves to take out both longs and shorts in the retail market are becoming quite boring and I now think that there is much more to this than meets the eye.

At the NFP data release the EUR/USD went to 1.1000 on the back of quite astonishingly good data. Within 30 minutes it’ spiked to 1.1120. Retail clients to a large extent were wiped out at both ends. Usually its just cable that does this… I hate cable.

Post NFP was as crazy / volatile as you are ever going to see and please be careful we have a very thinly traded Asian market at the open on Sunday to drive these moves further. It will not be until Tuesday next week when the dust will settle on NFP.

Then of course…wait for it; is the FED rate hike on for September? At the moment I don't think I can go there.

NZD – INTEREST RATE CUTS ON HOLD:

Just for the record; I now hate the NZD as much, in fact not to upset my NZD subscribers too much, right now I hate it more than the cable. For me to actually put that in print is huge.

What is the name of Wheelers second in command, who is that flute?

I was at the concert and I glanced at my iPhone and saw the NZD/USD climbing like feck. A little earlier, the AUD/NZD looked like it was going to break out and I had a spring in my step (another vision for you), it fell over 100 pips on the back of the RBNZ comments.

My thoughts are as follows: - fundamentally, in my opinion the NZD economy is in the crapper. It will be a great short trade. Right now it is riding the central bank comments and on the basis that interest rates are nicely positive with both antipodean currencies it is attracting a great deal of carry-trade interest. However, the fundamentals in New Zealand are not good; a housing bubble, lower dairy prices and a China slowdown. The writing is on the wall it’s just a case of waiting and dare I say it, being patient.

I have multiple short NZD positions in NZD/USD and AUD/NZD (long). I am not at all close to RISK limits in any of the POSITION, FUNDAMENTAL or RADAR trades but I do not want to hold them all should the NZD/USD spike. At the moment, I am thinking that the RADAR TRADE will be sacrificed with a loss of about 150 pips. It is the largest position size and although I cut it back size wise on the original test of 0.7300 as a precaution, I have let this one run away a little for a few sessions.

&nbsp;

<strong>WHAT’S BIG ON MY MIND:</strong>
<p style="text-align: center;"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>
So there it is in black and white.

Why would I make such a wild prediction?

Two reasons: -
<ol>
 	<li>I am being told the wilder the crazier, the wilder the blog headline the more followers I will get. So get ready for the Mark Carney ate my hamster headline!But more importantly,</li>
 	<li>I believe that this is a possibility. Why?</li>
</ol>
I could write for pages and pages on this subject and having tasted, smelt and drank the English air recently the thoughts could just flow. I will however try to be concise (if that is ever possible for a Scoucer?), and provide my thought process in some order to make it easy for the reader to follow.

The EUROZONE is basically a f*ck up of its own making but it gets by despite it’s ever growing list of shortcomings. The country head politicians are about as useful as a condom seller outside a monastery, for those offended by that statement try “as much use a chocolate teapot” instead! They are like all politicians, only interested in votes and maintaining popularity to hopefully get re-elected and continue the gravy train ride that most of them are on. Then we have the non-elected Brussels bureaucrats so full of self-importance that I am surprised any of them can hear what is being discussed at meetings as this self-importance has their heads so far up their own arse’s that none of them can hear what anyone is saying. Over-paid, over-pensioned and with zero accountability to voters… a classic civil service environment but with huge salaries and perks.

Despite this backdrop and with continual can kicking down the road without actually addressing any issues, the EUROZONE has so far muddled its way sort of sideways.

The EUROZONE has a history of poor selling to its electorate. It is a bureaucracy first to protect its existence at Brussels, which overrides the abilities of many of its elected politicians to put across coherent arguments on matters of importance.

What do the following all have in common?
<ul>
 	<li>Maastricht treaty 1992</li>
 	<li>Nice treaty 2001</li>
 	<li>Lisbon treaty 2008</li>
</ul>
On A Referendum The Dutch rejected the first and the Irish rejected both of the others.

What did the EUROPEAN UNION do in these instances?

After running to the nearest toilet the Brussels bureaucracy allowed a quiet cooling off period for a few months. The country politicians were given sales training and told to go back to their electorates and advise them with strong balanced discussions and arguments on how to vote the correct way in the national interest. Four or five months later on the re-vote the desired result was achieved. “Mulligans” (Do-overs) do exist in politics!!

Am I saying that the UK will get a second bite of the cherry? One should never say never in politics, never rule out anything, politics is a game, it is at times the best reality TV you will ever witness.

The Lisbon treaty contains article 50, which is at the core of the next move for the UK. The UK has to evoke article 50 to start the exit process. David Cameron, I quite like him, he looks like a leader and he did the honorable thing and resigned following the exit vote. However, he delayed the start of article 50 to at least November 2016 by stating this should be led my a new leader of his party and the new Prime Minister. Over the past week or so there has been muttering about it not being evoked until the spring of 2017. I can imagine if you voted for the BREXIT hearing this news and reading those headlines would piss you off a bit to say the least. Why the delay?

This is politics. The UK understandably wants side deals in place prior to article 50 being triggered. It does not want a vacuum.

However, the cynic in me believes that one other possible reason for this is to draw out the uncertainty for as long as possible to gather more public opinion on if you could vote again now…how would you vote, would you change sides?

It is very hard to fathom. Both the REMAIN and BREXIT sides fought on fear rather than facts. Having watched, read, listened and discussed over a glass or three of RED as much as possible around BREXIT, my thoughts are that the population were sold on fear and very little on facts. The result was 52% v 48% it was not 70% v 30% so in my eyes, not that convincing, and when one analyses the vote via region the conclusions are easy to draw.
<ol>
 	<li>ENGLAND outside LONDON:I am originally from the north of England. There is a huge belief that the government of the day only really cares about London, no matter what political party is in power.The BREXIT vote won out in every region of the England because it was a protest against the London biased politicians…just my opinion.</li>
 	<li>SCOTLAND:The Scottish voted overwhelmingly to remain in the EUROPEAN UNION.The REMAIN vote succeeded in Scotland as there is still a belief that Scotland will achieve independence and a vote to REMAIN will show that should independence finally win through on a second test in Scotland the EUROPEAN UNION would feel obligated to give Scotland support. Again, this is just my opinion, I know this is a very over simplified view but keeping things simple is the best way to approach these matters in my opinion.</li>
 	<li>NORTHERN IRELAND:Northern Ireland voted for REMAIN and I can only assume that this was for the following reasons. EUROZONE business investment in Northern Ireland is massive. The fear of a cut and unemployment would create massive job uncertainty into a troubled area that is only now getting back on its feet. Plus geographically Northern Ireland is closer to THE REPUBLIC of IRELAND (it is land attached) and the cross border trade route is crucial to the north as well as the south and this economic stability would be threatened with the BREXIT vote.</li>
 	<li>LONDON:Always going to vote to remain with the EUROPEAN UNION. The financial centre employs so many people, the threat of a drop in house prices would crucify most London property owners, and therefore the status quo was always the best option.</li>
</ol>
The popular vote won out in favour of BREXIT, as we all know. For whatever reasons the key players have left the field… JOHNSON, CAMERON and LAFARGE.

Having just come back from the UK, if I heard it once I heard the same comment 50 times from previous BREXIT voters… Looking at what happened after the result, if I had the chance again, I would vote REMAIN, I was only really protest voting.

There has been the petition of over a million signatures that now means that parliament must discuss the result via debate. This will happen I presume once it’s tabled and the discussion in parliament will hear in the October/ November parliamentary timetable.

So, was what happened after the result a surprise?

It was to the bookmakers and polls…once again that's three in a row in the UK that the bookies and polls failed to get the result predicted.

GBP nose-dived, it has staged a little pullback but it is in my opinion heading lower. On the night the GBP/USD was at 1.5000 now it's at 1.2900, the GBP/NZD was at 2.0600 now it’s at 1.7750. There were also huge drops for the GBP/CAD, GBP/AUD and GBP/CHF as well a nice climb for the EUR/GBP.

In section 4, I will be looking in greater depth at the opportunities with trading cable moving forward.

Mark (ignore my forward guidance, it is there to mislead you) Carney, governor of the BOE has promised support and rate cuts are on the cards to support cable and the city. The FTSE rallied like a rat up a drainpipe on this news… yippee free money, who gives a sh*t about the economy. The FTSE is above the pre BREXIT highs as a result.

The big news moving forward, that has yet to hit home is regarding foreign investment into the UK, in particular London through the housing market.

My buddies in the UK have told me that literally after the BREXIT result, business came to a halt, the orders stopped flowing in… it was like all things came to a stop. I have friends in both the service and manufacturing industry and both told me the same story. Housing sales virtually stopped. I can debate how over-priced the London property market is for hours on end. It is what it is and without doubt lack of foreign investment in this area will send shock waves through all markets and this will without any doubt hit the cable and send it lower.

How low can it (GBP/USD) go?

When I did my seminars back on June 17<sup>th</sup> June 18<sup>th</sup> in Brentwood ahead of the BREXIT vote I talked in terms of GBP/USD spiking down to 1.3000 on a BREXIT result. I now think that much lower is the possibility given the masterly inactivity vis-a-via real news on facts about moving forward. The Conservative party needs to elect a new leader and Prime Minister to replace David Cameron and the Labour opposition under Jeremy Corbyn is the biggest nonsense in British politics period, end of story. Nigel Lafarge has resigned as UKIP leader and Boris (where’s my comb) Johnson has fecked off the face of the planet. This is just more uncertainty and when you add in the hard line talk emanating from the EUROPEAN UNION country leaders or bureaucrats is it any wonder the markets do not know their arse from their elbows. They have to tow a hard line and be consistent to stop CONTAGION threats. But this does keep the cable under pressure as a result.

All of these factors are creating a void, a vacuum within which discussions between the UK and the EUROPEAN UNION away from the roving eye of the press can take place in background to try to accommodate a deal. Ignore the denials that this is happening, ignore the rhetoric stating the contrary; this is politics.

Moving forward, I believe that parliament will debate the fact that there was not a clear decision based upon the petition that is still gathering momentum.

I get it 100%; it was a first past the post result but the outcome was only 52% v 48%, it was not an emphatic victory by any stretch of the means. In addition, many MP’s are now coming under consistency pressure to sanction a second vote.

I know, I could be on my own here but a few hours is a long time in UK politics at the moment, never mind a few months. In a few months a lot of things can and will happen surrounding the BREXIT result.

When I was young my father would say to me after I’d made a decision… well son “You’ve made your bed, now you’ve got to lie in it”. These were typical values of my father’s generation and one, which I maintain personally today.

However, I am writing here about the EUROZONE and politics. It’s 100% fu**ed up and dysfunctional. It has precedents in place on three occasions in the past were you can “try again” so to speak… RULE NOTHING OUT.

In my opinion, this second vote would have a clear timetable for the triggering of article 50 should a BREXIT vote prevail.

My money is on spring 2017 when the weathers a wee bit better.

In my opinion there is a classic buyers remorse scenario in play in the UK and the longer it’s left the greater the chance of a re-vote.

Agree with me or disagree with me… discuss it over a pint or a glass wine or even a Jack and diet with family and friends. As I have said the EUROZONE is fu**ed up it needs the UK more than the UK needs it, in my opinion. Meetings will be going on… this is politics not real life.

<em> </em>
<ol start="4">
 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>
</ol>
TRADING REVIEW:

I am only just warming up the seat once again in front of my screens and clearing a backlog of administration from the past three weeks. I will be working away for the weekend and well into next week doing this.

In some ways it was good to get NFP out of the way prior to sinking my teeth back in the market, in other ways NFP is just a pain in the arse.

I am going to trade this summer almost full-time. I will communicate via twitter and email with you, however, there will NOT be any blogs until September.

What I decided I would do upon returning home after BREXIT trading, which for me was a damn disaster, was to review all open positions with chart analysis.

For BREXIT I had connectivity issues, then I was caught in chatter about brokers suspending trading in some pairs or all pairs after the result was announced and also some brokers only allowing traders to close existing trades and not open new ones. I had a multitude of distractions and at the end of the day I gave up. I am now therefore looking at secondary moves before the return bounce, which will happen, but just not yet.

&nbsp;

AUD/NZD:

I have a few longer-term POSITION TRADES with this pair. When I add them all together size wise they are still extremely small trades and I am prepared for a test of parity should one be forth coming. I am long and prepared to sit it out. I was caught with two trades a long way away from current prices but this is the definition of a long-term trade.

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDNZD-WEEKLY-09072016.png"><img class="aligncenter size-large wp-image-8115" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDNZD-WEEKLY-09072016-1024x481.png" alt="AUDNZD WEEKLY 09072016" width="1024" height="481" /></a>

&nbsp;

From the weekly chart above you can clearly see the head and shoulders pattern that I am paying attention to. Whilst it now a little out of kilter it is viable in my opinion and I am waiting for the measured move into the mid 1.20’s.

&nbsp;

NZD/USD:

I have been 150% frustrated and down right frickin’ annoyed with the NZD currency as a whole regardless of what NZD pair traded or what timeframe.

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-MONTHLY-09072016.png"><img class="aligncenter size-large wp-image-8122" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-MONTHLY-09072016-1024x481.png" alt="NZDUSD MONTHLY 09072016" width="1024" height="481" /></a>

&nbsp;

&nbsp;

As you can see from the chart above, I am still bearish this pair despite all the frustration due to the longer term bear flag formation with a huge / massive potential measured move below 0.5000 to around 0.4800. Again this is a longer-term move and frankly I am so bearish this pair given the economics of New Zealand, I should just add more POSITION TRADES and be done with it! I am constantly being bullied out of this trade by short-term news when my views are really longer-term into 2017.

Taking emotion away from these thoughts, price is currently towards the top of the pennant of the flag lying around 0.7550, which concerns me just a tad.

&nbsp;

&nbsp;

AUD/USD:

Aussie debt has been downgraded and whilst initially this appears to have had zero effect on the pair, I am putting that down to NFP fever. From the chart below you can see that BREXIT resistance lies at 0.7825. My stops right now are at 0.7750, I will push out higher if required. Fundamentally, the AUD economy is pressured lower. The RBA has fingers crossed that the FED will tighten doing their dirty work for them. Whether they can wait until September is the debating point. I have a sneaky feeling that the RBA may have to move to lower the exchange rate of the AUD/USD. It is now well over 1,000 pips above the desired levels indicated by the RBA previously.

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-MONTHLY-09072016.png"><img class="aligncenter size-large wp-image-8116" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-MONTHLY-09072016-1024x481.png" alt="AUDUSD MONTHLY 09072016" width="1024" height="481" /></a>

&nbsp;

USD/CHF:

This pair I still have high hopes for, to be one of the trades of 2016. It has taken a step backwards due to BREXIT flight to safety issues despite the overnight 0.75% fees for deposits. I think the mere geographical proximity has its influences. We are now starting to move higher, which I am happy about. The chart below highlights my stop and limit positions.

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-WEEKLY-CHART-09072016.png"><img class="aligncenter size-large wp-image-8125" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-WEEKLY-CHART-09072016-1024x481.png" alt="USDCHF WEEKLY CHART 09072016" width="1024" height="481" /></a>

&nbsp;

&nbsp;

EUR/USD:

As you can see from the monthly chart below there is bear flag measured move to about 0.8300 still potentially in play. In my opinion, we need to see the move lower now or the pennant length will invalidate the move lower.

I am bearish the EUR overall, as I think by now you would have got the picture that I believe that the EUROZONE is deep in the sh*t. I think below 1.0800 – 1.0750 the move lower will gather momentum. Patience is required.

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-MONTHLY-CHART-09072016.png"><img class="aligncenter size-large wp-image-8124" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-MONTHLY-CHART-09072016-1024x481.png" alt="EURUSD MONTHLY CHART 09072016" width="1024" height="481" /></a>

&nbsp;

GBP:

With regards to cable, I wanted to take a look at all the cable pairs and give you my thoughts and opinions. Except for the GBP/USD all my thoughts will be written on the charts themselves, most as drawings and level identities. They will all follow the GBP/USD chart (GBP/AUD, GBP/CAD, GBP/NZD, GBP/CHF and EUR/GBP)

GBP/USD:

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB1-MONTHLY-09072016.png"><img class="aligncenter size-large wp-image-8126" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB1-MONTHLY-09072016-1024x481.png" alt="GBPUSD FIB1 MONTHLY 09072016" width="1024" height="481" /></a>

&nbsp;

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB2-MONTHLY-09072016.png"><img class="aligncenter size-large wp-image-8127" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-FIB2-MONTHLY-09072016-1024x481.png" alt="GBPUSD FIB2 MONTHLY 09072016" width="1024" height="481" /></a>

From the charts above it is as plain as the nose on your face that the 127% Fibonacci extension (1.2187)  is like a beacon on some jagged rocks shining out or a star trek tractor beam pulling cable towards 1.2000. It all depends from where you decide to start the fibonacci measurement. The move lower it lands on just below 1.2000. That is where I believe cable has to go. That is another 900 pips. It will not be easy nor will it be straight line but it has to be on the minds of many traders and institutions not just mine.

With that in mind the following charts GBP related pairs will hopefully make some sense.

I have looked at these pairs as potentially how far could they fall given the relationship to the potential move in GBP/USD. I am not saying that I will only buy the reverse move I am in fact looking very seriously at riding the wave lower although there are greater risks involved to some extent as the snap back with be on geopolitical news which, I have no way of predicting the time. However, we have at least until the new Conservative leader / Prime Minister is announced, I would have thought.

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-MONTHLY-09.07.2016.png"><img class="aligncenter size-large wp-image-8118" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-MONTHLY-09.07.2016-1024x481.png" alt="GBPAUD MONTHLY 09.07.2016" width="1024" height="481" /></a>

<strong> </strong>

<strong> <a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-MONTHLY-09.07.2016.png"><img class="aligncenter size-large wp-image-8119" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-MONTHLY-09.07.2016-1024x481.png" alt="GBPCAD MONTHLY 09.07.2016" width="1024" height="481" /></a></strong>

<strong> </strong>

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-MONTHLY-09.07.2016.png"><img class="aligncenter size-large wp-image-8120" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-MONTHLY-09.07.2016-1024x481.png" alt="GBPCHF MONTHLY 09.07.2016" width="1024" height="481" /></a>

&nbsp;

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-MONTHLY-09072016.png"><img class="aligncenter size-large wp-image-8121" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-MONTHLY-09072016-1024x481.png" alt="GBPNZD MONTHLY 09072016" width="1024" height="481" /></a>

&nbsp;

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-MONTHLY-09072016.png"><img class="aligncenter size-large wp-image-8117" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-MONTHLY-09072016-1024x481.png" alt="EURGBP MONTHLY 09072016" width="1024" height="481" /></a>

&nbsp;

<strong>TRADES REVIEW:</strong>

The excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -

<strong> <a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-09072016.png"><img class="aligncenter size-full wp-image-8107" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-09072016.png" alt="LIVE TRADES 09072016" width="802" height="589" /></a></strong>

<strong> </strong><strong>
<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-09072016.png"><img class="aligncenter size-full wp-image-8106" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-09072016.png" alt="LIMIT ORDERS 09072016" width="663" height="452" /></a></strong>

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<ol start="5">
 	<li><strong> COMING UP THIS WEEK:</strong></li>
</ol>
<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>

(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href="http://www.forexfactory.com">www.forexfactory.com</a> and <a href="http://www.tradingeconomics.com">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).

SUNDAY: N/A.

MONDAY: N/A.

TUESDAY: N/A.

WEDNESDAY: CAD – BOC Rate Statement and Monetary Policy Report.
WEDNESDAY: CAD – BOC Press Conference.
WEDNESDAY: AUD – Employment Data.

THURSDAY: GBP – BOE Interest Rate and MPC voting.
THURSDAY: CNY – GDP.

FRIDAY: USD – CPi and Core CPI &amp; Retail Sales and Core Retail Sales.

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<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>

(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)

My comments are contained on the charts.

EUR/USD - Weekly Closing Price: 1.1048

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016.png"><img class="aligncenter size-large wp-image-8109" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-D-09072016-1024x481.png" alt="EURUSD D 09072016" width="1024" height="481" /></a>

GBP/USD - Weekly Closing Price: 1.2950

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016.png"><img class="aligncenter size-large wp-image-8110" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-D-09072016-1024x481.png" alt="GBPUSD D 09072016" width="1024" height="481" /></a>

AUD/USD - Weekly Closing Price: 0.7564

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016.png"><img class="aligncenter size-large wp-image-8108" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-D-09072016-1024x481.png" alt="AUDUSD D 09072016" width="1024" height="481" /></a>

NZD/USD - Weekly Closing Price: 0.7302

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016.png"><img class="aligncenter size-large wp-image-8111" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-D-09072016-1024x481.png" alt="NZDUSD D 09072016" width="1024" height="481" /></a>

USD/CAD - Weekly Closing Price: 1.3035

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016.png"><img class="aligncenter size-large wp-image-8112" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-D-09072016-1024x481.png" alt="USDCAD D 09072016" width="1024" height="481" /></a>

USD/CHF - Weekly Closing Price: 0.9825

<a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016.png"><img class="aligncenter size-large wp-image-8113" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-D-09072016-1024x481.png" alt="USDCHF D 09072016" width="1024" height="481" /></a>

USD/JPY - Weekly Closing Price: 100.56

<u><a href="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016.png"><img class="aligncenter size-large wp-image-8114" src="http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-D-09072016-1024x481.png" alt="USDJPY D 09072016" width="1024" height="481" /></a></u>

<u> </u>

<u> </u>

<u>MY CLOSING THOUGHTS:</u>

We are in uncertain times and the FX markets are definitely twitchy. The commodity currencies, in particular the antipodean currencies are bucking the trend regardless of fundamentals, they appear to be more of a reaction to carry trade status more than anything else. Whilst this concerns me, as I am short I may have to stick with these trades and add more short positions at higher levels to get greater value for my longer-term positions. That last time I chopped these pairs they nose-dived inside 48 hours, that was annoying and frustrating to say the least. That is NOT going to happen again, but whatever I do I need to do inside my overall RISK MANAGEMENT principles.

The BOC and BOE have announcements this week.

Do I think that there will be any surprises I can hear you say!!

Well the short answer is “Possibly”.

Canada has had reasonable data of late but the Fort McMurray fires will come down like a ton of bricks soon on the local Alberta economy and then at Federal level they will have to act with the support of the BOC. On the ground in Quebec things are not rosy, but in all honesty Quebec is always like this, its only concern is language. The whole province could have a plague but as long as you are pronounced mort and not dead all will be fine here. The fact the economy is up shit creek without a paddle is of little consequence to the intransigent views held in this province.

Elsewhere the housing bubble in Vancouver and Toronto must concern Stephen Poloz, but the guy is so laid back it would not surprise me to see him lying on his back horizontal on a psychiatrists chair presenting this week.

I am still in the camp of a rate cut before the end of the year… maybe now?

Carney ex. BOC, wow didn't Canada do a great job off-loading him to replace Merv “the swerve” at the BOE?

Carney is going to cut and Carney is going to do his impression of “Helicopter Ben” probably “JCB Carney” distributing wads of cash from the bucket of his JCB all over the city of London. Things may be announced as early as next week. He really needs to ensure that he is ahead of the curve in my opinion.

As usual…

Always remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.

Take care,

Scott Pickering
The Pip Accumulator

<a href="http://weeklyfxdrivethru.com/disclaimer/">http://weeklyfxdrivethru.com/disclaimer/</a>

DATE: 9<sup>th</sup> July 2016
BLOG VERSION: #107 PREMIUM SERVICE SUBSCRIBER VERSION

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