<h3 style="text-align: center;"><strong>THE PREMIUM SERVICE
</strong><strong>The Home of Single-Lot Trading
www.weeklyfxdrivethru.com</strong></h3>
<strong>DATE: 31.05.2015
REFERENCE: #62
</strong><strong>BLOG: THE PREMIUM SERVICE</strong>

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<ol>
	<li><strong> INTRODUCTION – THE VIEW FROM MY TRADE DESK:</strong></li>
</ol>
<u>LOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS (FOR GOOD MEASURE) AT THE FX MARKET:</u>

<u>1.1 - LOOKING BACKWARDS:</u>

GREECE:

It was a week of waiting for news of something to happen from the EUROGROUP, IMF or the ECB regarding GREECE. There were rumours from the Greek Government mainly from Varoufakis about a settlement being close and then we had counter rumours about the alleged progress from the pit bull aka Schaeuble denying all. Schaeuble is outspoken, of that there is no doubt and frankly I would believe him on the GREECE rumours.

My fear was that a Greek agreement with creditors could see a monumental spike in the EUR/USD maybe as high as 1.1200. Then as reality sets in, that the agreement is just another “can-kicking” exercise the drop from the highs, which would be my trade, should be equally as strong. How far would we drop maybe below 1.0800, who knows, but I strongly suspect this time the markets will see the “fudge” for what it is.

On the other hand, as I have written before, is the possibility of the default, hair-cut, white flag, we’re leaving the single currency and re-instating the drachma scenarios. This would see the EUR/USD heading to parity very quickly as I see a CONTAGION effect taking place very quickly that will gather momentum.

So with this news hanging over me every time I was considering a trade, I found myself deciding to remain cautious and mainly sidelined.

There is a lot of speculation that a settlement will take place over this weekend. I am in the camp of announcements on Monday, so that the EUROZONE markets whatever the outcome is can be monitored when open.

Let’s see if anything unfolds in this ongoing saga of epic proportions. It could all be the “Boy who cried wolf” once again. Remember, we have been at this stage so many times before.

AUSTRALIA and NEW ZEALAND:

Both of these currencies continued to drift lower against the USD. It really does look very bearish for both currencies and if as we are told the FED is going to raise interest rates this year, the Kiwi and the Aussie are looking at much lower exchange rates than the current levels. The possibility is very strong that the AUD/USD will be sub 0.7000 and the NZD/USD sub 0.6500.

Last week we saw poor Private Capital Expenditure data for Australia and poor ANZ Business Confidence data for New Zealand. Both the RBA and RBNZ are on “DOVISH” paths so these currencies and their cross-rates should offer excellent trading opportunities moving forward, with some quite exceptional pip movements on offer.

The RBA meets this week and there is plenty of China data coming up that will certainly have an effect on both of these currencies over the next 5/6 days.

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<u>1.2 - LOOKING FORWARDS:</u>

<u>MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</u>

<u>(There are many more news items related to the Forex Market than the ones listed below. These are the ones that interest me. You can go to </u><a href="http://www.forexfactory.com">www.forexfactory.com</a><u> and </u><a href="http://www.tradingeconomics.com">www.tradingeconomics.com</a><u> for more comprehensive lists of all news events that are Forex related).</u>
SUNDAY: CNY – Manufacturing PMi.
SUNDAY: AUD – Building Approvals.
SUNDAY: CNY – HSBC Final Manufacturing PMi.

MONDAY: GBP – Manufacturing PMi.
MONDAY: USD – ISM Manufacturing PMi.

TUESDAY: AUD – RBA Interest Rate Statement.
TUESDAY: GBP – Construction PMi.
TUESDAY: NZD – Dairy Auction Prices.
TUESDAY: AUD – GDP.

WEDNESDAY: GBP – Services PMi.
WEDNESDAY: EUR – Interest Rate Announcement and Press Conference.
WEDNESDAY: USD – ADP Non-Farm Employment change and Trade Balance.
WEDNESDAY: CAD – Trade Balance.
WEDNESDAY: AUD – Retail Sales and Trade Balance.

THURSDAY: GBP – BOE Bank Rate.
THURSDAY: CAD – IVEY PMi.

FRIDAY: USD – Non Farm Payrolls and Unemployment Rate.
FRIDAY: CAD – Employment Data and Unemployment Rate.

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<u>1.3 - LOOKING SIDEWAYS (FOR GOOD MEASURE!!): </u>

As I alluded to earlier, the last week was a week when I felt we were waiting for something to happen. We had moves, which is always the bonus of trading Forex, there are nearly always opportunities, the big question as always is - can you find the opportunities and then can you actually trade them. There appears to be so many 5 minute traders in the market place at the moment, and, whilst I agree that the present market conditions certainly benefit day trading styles, if you are by nature a trader that wants to see trades try to run a little, the market is challenging.

We are, and have been for some time range bound. Yes, I will concede one or two moves have been more than a day trader’s trade but overall we have been operating in a chop fest.

I find myself repeating the fact that uncertainty drives a choppy market. GREECE and the FED rate increase are the two items of uncertainty of late that have been dominating the Forex news and discussions. Until we have these matters addressed the present trading conditions will prevail.

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<ol start="2">
	<li><strong><u> WHAT’S ON MY MIND: -
THE FUNDAMENTAL TRADERS OVERVIEW:</u></strong></li>
</ol>
<h4 style="text-align: center;">AS EACH WEEK PASSES MY “DUCKS” ARE LINING UP NICELY</h4>
As most regular readers of this blog will know already, I am basically a FUNDAMENTAL trader first and then as I see the technical’s come into position I am ready to trade.

Let me be clear, being a FUNDAMENTAL trader suits my approach to trading perfectly, I like to think that I am a swing trader at heart but I will adapt to whatever I have to, but I do prefer a longer-term view. This year has been a nightmare for me in this regard and I have been more accommodating of shorter time framed trades. PREMIUM SERVICE subscribers can see this very clearly as I recommended more trades this year compared to 2014 and the profit per trade is lower than 2014. Although I am not, I look at myself sometimes as being a scalping trader, not that there is anything wrong with scalping it is just not my thing, well at least that is what I keep telling myself, after a 5 minute trade!!

Moving on….

Whilst my debate over trading style still hangs over me; every week that has passed recently has brought my macro level FUNDAMENTAL view on world economics related to Forex closer. I refer to this as my ducks lining up.

As I have written many times before correlations matter in the markets. The relationship in pricing if consistent allows greater confidence when placing trades.

I have written so many times, that I believe all markets relate to the pricing of commodities first. “It is all about commodities”, was a phrase I heard years ago. It stuck with me and today, I still believe this to be the case.

My FUNDAMENTAL views moving forward are very simple.

I have Forex targets below that are targets in my opinion based on the economic effects of central bank monetary policies, plus worldwide economic conditions of growth and inflation.

EUR/USD – parity or below.

AUD/USD – 0.7000 or below.

NZD/USD – 0.6500 or below.

USD/CAD – 1.3000 or above.

USD/CHF – parity and above.

How did I arrive at these objectives, and what specific events are my “DUCKS”??

Firstly, central banks around the world are dealing with different local economic conditions and have also reacted differently to the effects of the 2008-9 crash. Each central bank obviously has its own monetary policy, but now we have a clear divergence. The FED and maybe to a lesser extent the BOE are hawkish wanting to raise interest rates and the rest are more or less dovish. They need to remain accommodative and market supporting.

This divergence fuels my currency exchange rate targets above. Let me just make a few very brief comments about each central bank below.

FED: – The FED is going to raise interest rates. It would have a severe lack of market credibility should it not carry out FED policy. As the FED is directly opposite to ECB policy and with the EUR currency accounting for in excess of 50% of the DXY calculations, the effect of the move in the EUR/USD should be dramatic. Given the recent DXY move from 80.00 to 100.00, using the drop in the EUR/USD as my guide, I see a similar move again if the FED increases rates and the measured move in the DXY could extend to 115.00 as seen in the chart below. This move would in my opinion place the EUR/USD below or around parity at best.

For years there has not been a HAWKISH FED policy, make no mistake the FED in one direction and the ECB in the other will create a big move. Divergent Central Policies are big movers in currencies.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/DXY-RE-DUCKS-SEGMENT-31052015.png"><img class="aligncenter size-large wp-image-6066" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/DXY-RE-DUCKS-SEGMENT-31052015-1024x464.png" alt="DXY RE DUCKS SEGMENT 31052015" width="1024" height="464" /></a>

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BOC: – We saw recently one surprise rate cut from Stephen Poloz, the BOC governor that was supposed to be a one off. But recent Canadian data is poor and, in my opinion, I can see another cut to try and stimulate matters.

RBA: – Definitely bearish and with Iron Ore prices struggling, general business confidence low and the RBA having openly stated that they want an exchange rate with the AUD/USD closer to 0.7000 or below.

RBNZ: – The official line is that the RBNZ has gone neutral but the fact that they have indicated no rate hikes when the market was expecting about 2/3 more this year, is bearish and dovish to me. Even the Prime Minister of New Zealand, John Key has said publicly that he wants the NZD/USD exchange rate targeted at 0.6500. When he first said this figure, I thought he was dreaming. The RBNZ has in the past year or so directly intervened in the Forex markets, so his target level is possible, in fact the NZD is so weak at the moment we may go lower.

THE ECB – Full on Quantitative Easing (QE) in place for at least another year or so, the EUR being the second most traded currency after the USD means that with the FED and ECB being on divergent central bank monetary policies, the EUR/USD target of parity is not unrealistic and neither is the DXY target of 115.00.

GBP: – Of late the UK has produced very mixed data, but the next interest rate move will be upwards and not lower. Mark Carney, BOE governor has indicated such a move. Do you believe him? The markets do.

BOJ: – The Japanese have just announced that they are easing no more. This will be interesting to see if this remains BOJ policy or not.

SNB: – The exchange rate of the EUR/CHF must be causing concern as it falls closer to parity. The fact that the FED is about to raise rates coupled with the ECB being 100% accommodative, the SNB have sat back, so far, not intervening, but for how long?

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It is a mixed bag but all the above added together is weighted in favour of USD strength, this supports my longer-term FUNDAMENTAL views and my FX targets.

Therefore DUCK #1 is central bank divergence actually starting to bring home the bacon. This is my major DUCK; it is inline just waiting on the FED to kick-start. Already, we have witnessed dovish central bank economies linked to commodities already weakening (AUD, CAD, NZD). Fed policy will just beat them up some more!

In addition to central bank policies my currency objectives are also based around the price action with commodities.

There is a slowdown in China. This is now confirmed DUCK #2. This is critical to the economies supplying raw materials to China, mainly New Zealand and Australia.

The American households are not buying finished goods in numbers to show growth is leaping forward. Confidence is mixed. Housing in the U.S. is very regionalized, but overall not as many sales therefore not as many home improvements, which then means not as many raw material purchases either, contractors not as busy as they could be. Basically, I am saying that commodities are not being sought in the quantities or prices that the exporters require. It is a vicious circle that just rotates day after day, but these segments of the circle are key to my FUNDAMENTAL views and represent another DUCK (#3), that is in place.

DUCKS #4, #5 and #6 are GOLD, OIL and COPPER are key charts for me to give my ideas confirmation and direction. Of late we have all witnessed how much the price of a barrel of WTi crude can affect both equities and forex. Generally speaking GOLD is struggling in a zero interest rate environment to get above $1,200.00. OIL is looking like it is heading back towards $50.00 and COPPER is below what I thought would never be breached at $3.00. All of these moves are USD supportive.

So I am happy, the ducks are starting to line up. It has taken more time than I thought for this to happen. I would like equities to pullback “DUCK #7” as this will add pressure to AUD and NZD shorts. However, the slowdown, the Central banks and Commodity currencies are almost in place.

I just need the FED to kick start the big move. Will they move before the summer doldrums? I had a lot of hope initially that this would be the case, but now I am wondering will they delay any move on rates until September / October. One school of thought is that the best economic data quarter for the U.S. is Q4. So if the FED moves in Q3 by the time the rate effect rolls through into Q4 the economy will cope more than adequately.

So, some of my ducks are lined up and others are lining up, I just need the FED to complete the line.

I am however, able to start getting trades placed now and place my longer-term FUNDAMENTAL view in action.

From a trading detailed perspective, I will be setting up longer-term trades as FUNDAMENTAL trades and in addition I will be taking intra-day trades as RADAR or FLASH trades as well. It should be fun and hopefully profitable over the longer-term.

<strong> </strong>
<ol start="3">
	<li><strong></strong><strong><u> THE PREMIUM SERVICE:
</u></strong>(All items in this section  are available inside the web site after logging into the PREMIUM SERVICE).</li>
</ol>
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<u>3.2 – PERFORMANCE REVIEWS:</u>

<u>3.2.1 – PREMIUM SERVICE – COST INCOME ANALYSIS (USD):
</u>
<p style="text-align: center;"></p>
<u>3.2.2 – RADAR TRADE SUMMARY – May 2015:</u>

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<u>3.2.3 – RADAR TRADE SUMMARY - 2015 YTD:</u>

<u>3.2.4 – FLASH TRADE SUMMARY – May 2015:</u>

<u>3.2.5 – FLASH TRADE SUMMARY - 2015 YTD:</u>

<u>3.2.6 – FUNDAMENTAL TRADE SUMMARY – May 2015:</u>

<u>3.2.7 – FUNDAMENTAL TRADE SUMMARY - 2015 YTD:</u>

<u>3.2.8 – RISK / REWARD ANALYSIS – 2015 YTD:</u>

<u>3.2.9 – PROFIT LOSS RATIOS – 2015 YTD:</u>

<u>3.2.10 – PIP PERFORMANCE COMPARISON 2015 versus 2014:</u>

<u>3.2.11 - PREMIUM SERVICE - OVERALL TRADE SUMMARY MONTH &amp; YTD:</u>

<u>3.2.12 – MY THOUGHTS / COMMENTS:</u>

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<ol start="4">
	<li><strong><u> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</u></strong></li>
</ol>
(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)

<u>4.1 - EDUCATION:
</u>(The full list of all items and more from this section can be found in the PREMIUM SERVICE website in the Trade Essential area under the EDUCATION tab.

This section will return soon. At the moment this section of the website is under review and I do not want to add more work until the final look is agreed.

For now bear with me. Whilst it is sometimes difficult to have topics, I have a few in the can as they say.

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<u>4.2 – THE PREMIUM SERVICE – TRADING REVIEW &amp; LOOKING FORWARD:</u>

It was a shortened week last week (Holiday Monday) and on Friday I did not trade other than to scalp.

As I stated earlier it was a week of lower volume trades and I might add profitable trades. My general feedback from subscribers was that after being whacked recently this week gave us opportunities to claw back some of the previous week’s losses.

I have made the decision to FUNDAMENTALLY trade the EUR/USD, AUD/USD, NZD/USD, USD/CAD and USD/CHF towards my longer term targets, as well as looking at the cross-rates. Of late I have been hesitant because of GREECE to over commit. I believe the FED will raise rates, so I am waiting on GREECE to be resolved then the trades will drop into position.

As subscribers you will have the option of multiple trades, or to just trade the FUNDAMENTAL trades. I will be very active on twitter and email with these alerts as they fall into position.

The only downside is that this process will be started just before the summer slow trading season. However, I do believe that we will have directional momentum trading more than not as time progresses.

It is the end of another month and the PREMIUM SERVICE and $$$ continue to roll in; I am hoping that 2015 will surpass the performance of 2014. I have to admit that after the CHF PEG and the ensuing squeezes that cut me up, I did not think that the pip volumes would come back so strong. Single-Lot trades, or consistent lot size trades work!

<u>MAY and YTD 2015 - PERFORMANCE REVIEWED:</u>

There is no doubt that this has been a strange trading year so far for Forex Traders. Personally, I have found the numbers of squeezes in the market this year in compared to my previous 7/8 years of trading to be probably the highest. I do not consider myself to be a day trader, although, I am admitting to day trading traits. I trade smaller position sizes, I am in and out of trades faster, and I hardly let trades run for longer than I feel I have to. I have given thousands of dollars back to my brokers this year by trying to let trades run and not bank $$$.

I have adapted my trading. This can be further seen in the fact that I have more FLASH TRADES, than RADAR and FUNDAMENTAL TRADES added together. I am trading the market more on pullbacks, than anything else.

In 2014 the PREMIUM SERVICE had a total of 512 LIVE trades. This year so far there has been 376 so far, 73% of last years total in the first 5 months. That says something.

My profit per trade using MINI lots in 2014 was over $21.00. This year so far just over $14.00. More trades less running time.

Yet, at this stage in 2014, the PREMIUM SERVICE had generated 3,872 pips. This year 5,342 pips, that is 1,470 pips more this year than last year in the first 5 months.

I can analyze and over analyze these statistics, and I will do this over the next few days. The bottom line though is that it is all good news…. long may it continue.

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<u>4.3 - THE PREMIUM SERVICE - EXISTING LIVE TRADES:</u>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-LIVE-TRADES-31052015.png"><img class="aligncenter size-full wp-image-6049" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-LIVE-TRADES-31052015.png" alt="PS LIVE TRADES 31052015" width="724" height="578" /></a>

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<u>4.4 - THE PREMIUM SERVICE – EXISTING LIMIT ORDERS:</u>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-LIMIT-ORDERS-31052015.png"><img class="aligncenter size-full wp-image-6048" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-LIMIT-ORDERS-31052015.png" alt="PS LIMIT ORDERS 31052015" width="706" height="445" /></a>

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<u>PLEASE NOTE:</u>

Remember position sizes for suggested FUNDAMENTAL TRADES should be much smaller than usual, maybe only 20%-25% of your normal trading position size. It is only when we add to our positions that the fun begins. All FUNDAMENTAL trades posted via email contain a second page with details of where I will add trades and when and where stops are moved, the Stair Stepping Stop Protection (SSSP) is self-explanatory and I hope useful. Using this grows your trading position and helps protect the profits made, should the trade gain traction. In addition, I have added some detail on my HEDGING approach as well to the second FUNDAMENTAL TRADE alert page. More detailed information on HEDGING can be found inside the PREMIUM SERVICE website under the EDUCATION tab – Trading Essentials.

I view the commodity cross-rate pairs, which form the basis of my FUNDAMENTAL TRADE SET-UPS as bonus trades away from the USD majors and over the year they can be very profitable. This is why I have a separate broker account for commodity cross-RATE PAIR trades. It gives me an immediate measurement of performance without the need to extrapolate data.

<u>4.5 - POTENTIAL TRADES - WHAT CHARTS AM I LOOKING AT?</u>

(This section usually contains charts mainly relating to non-USD majors, in particular the ones that I am working on and looking at because they catch my eye that may become potential trades in the trading sessions ahead. If there are no comments beneath the charts, my comments / thoughts are written on them directly. I will tweet and email as soon as these possible trades become LIMIT ORDERS)

<u>THIS WEEKS OVERVIEW:</u>

I did not get the entry opportunities that I wanted from the CHF pairs that I highlighted last week. They are still in focus and on my RADAR together with some other old favourites. My comments / thoughts / views are contained on the charts.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDCAD-D-31052015.png"><img class="aligncenter size-large wp-image-6065" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDCAD-D-31052015-1024x574.png" alt="AUDCAD D 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDCHF-W-31052015.png"><img class="aligncenter size-large wp-image-6064" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDCHF-W-31052015-1024x574.png" alt="AUDCHF W 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURCAD-D-31052015.png"><img class="aligncenter size-large wp-image-6063" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURCAD-D-31052015-1024x574.png" alt="EURCAD D 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURGBP-D-31052015.png"><img class="aligncenter size-large wp-image-6062" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURGBP-D-31052015-1024x574.png" alt="EURGBP D 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURNZD-M-31052015.png"><img class="aligncenter size-large wp-image-6061" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURNZD-M-31052015-1024x574.png" alt="EURNZD M 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPAUD-240M-31052015.png"><img class="aligncenter size-large wp-image-6060" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPAUD-240M-31052015-1024x574.png" alt="GBPAUD 240M 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPNZD-M-31052015.png"><img class="aligncenter size-large wp-image-6059" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPNZD-M-31052015-1024x574.png" alt="GBPNZD M 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDCAD-D-31052015.png"><img class="aligncenter size-large wp-image-6058" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDCAD-D-31052015-1024x574.png" alt="NZDCAD D 31052015" width="1024" height="574" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDCHF-W-31052015.png"><img class="aligncenter size-large wp-image-6057" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDCHF-W-31052015-1024x574.png" alt="NZDCHF W 31052015" width="1024" height="574" /></a>

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<u>4.6 - MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</u>

The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-TRENDING-PAIRS-31052015.png"><img class="aligncenter size-full wp-image-6053" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/PS-TRENDING-PAIRS-31052015.png" alt="PS TRENDING PAIRS 31052015" width="395" height="512" /></a>

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<u>4.7 - THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</u><strong><u>:
</u></strong>(The reviews in the section are accompanied with daily and / or weekly charts of the USD majors)

<strong>EUR/USD: Closing Price 1.0984</strong>

It has been quite a move lower in the past 7 days. The EUR/USD dived lower and then pulled back. We ended the week with a HAMMER candle. This indicates an upside move.

Personally, the higher it goes the better, as far as I am concerned for this pair. My objectives on what I want to do moving forward are clear. On the back of the GREECE settlement should that be the outcome, I fully expect that this pair will move higher and then after the move and the realization that maybe this is another can kicking exercise I expect a fall lower. When it tops, this is my area to short from, I am hoping 1.1200 will be achieved.

I have further thoughts on the chart below.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-W-31052015.png"><img class="aligncenter size-large wp-image-6039" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/EURUSD-W-31052015-1024x574.png" alt="EURUSD W 31052015" width="1024" height="574" /></a>

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Based on the current situation, support in the EUR/USD is at 1.0920 with resistance is at 1.1060.

<strong> </strong>

<strong>GBP/USD: Closing Price 1.5268</strong>.

The roller coaster ride with cable continues. After the stunning Conservative electoral victory, the champagne corking is now over and reality is settling in once again.

From the chart below it looks like we are heading for the psychological 1.5000 again. Whatever happens with GREECE will affect the GBP currency one way or another, proximity rules in this instance.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPUSD-W-31052015.png"><img class="aligncenter size-large wp-image-6038" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/GBPUSD-W-31052015-1024x574.png" alt="GBPUSD W 31052015" width="1024" height="574" /></a>

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Support should be at 1.5200 and resistance at 1.5360.

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<strong> </strong>

<strong>AUD/USD: Closing Price 0.7631</strong>.

I am looking to enter short as soon as I can on a pullback. We have the RBA meeting on Tuesday. Sunday / Monday price action will determine whether I am taking the trade pre RBA or after the RBA. I am in the camp that a rate cut is on the table.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDUSD-W-31052015.png"><img class="aligncenter size-large wp-image-6040" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/AUDUSD-W-31052015-1024x574.png" alt="AUDUSD W 31052015" width="1024" height="574" /></a>

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Support should now be at 0.7600 and resistance at 0.7690.

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<strong>NZD/USD: Closing Price 0.7086</strong>.

The NZD has become the major talking point in the world of currencies. There are so many articles written about this pair it is quite incredible. It is, as you can see on the weekly chart below, very bearish. We are below previous key support areas and a deeper drop beckons.

I am looking to enter short as soon as I can achieve a credible entry level on a pullback.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDUSD-W-31052015.png"><img class="aligncenter size-large wp-image-6037" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/NZDUSD-W-31052015-1024x574.png" alt="NZDUSD W 31052015" width="1024" height="574" /></a>

&nbsp;

Support is at 0.7000 and resistance is at 0.7170.

&nbsp;

<strong> </strong>

<strong>USD/CAD: Closing Price 1.2426.</strong>

I am annoyed with myself and frustrated that I am not currently long this pair.

I looked back over the past month or so and I reckon on about 40 trades missed that I wanted to be in. In writing this I fully realize that you cannot be in every trade, but some of the ones you miss niggle away. Last Friday, I cancelled a NZD/CAD short on the CAD data release at 08.30AM. The pair went just a little beyond my LIMIT ORDER entry and pulled back to end the day in what would have been a 53-pip profit, this was poor judgment on my behalf at the time.

Additional comments are contained on the chart below.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCAD-W-31052015.png"><img class="aligncenter size-large wp-image-6036" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCAD-W-31052015-1024x574.png" alt="USDCAD W 31052015" width="1024" height="574" /></a>

Support should be good at 1.2350 and resistance is at 1.2540.

<strong> </strong>

<strong>USD/CHF: Closing Price 0.9400</strong>.

My comments for this pair are contained on the chart. I still fear GREECE fallout will affect this pair.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCHF-W-31052015.png"><img class="aligncenter size-large wp-image-6035" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDCHF-W-31052015-1024x574.png" alt="USDCHF W 31052015" width="1024" height="574" /></a>

&nbsp;

Support is at 0.9350 and resistance at 0.9450.

&nbsp;

<strong> </strong>

<strong>USD/JPY: Closing Price 123.97. </strong>

Wow…. a nice break of about 400 pips higher in the past two weeks. I just cannot see this pair remaining at these levels for long, but it looks mighty strong, as it remains tied to the 124.00 level. I have great difficulty reading this pair at the best of times, and, right now I am struggling to fathom out, is it going higher or lower. It could just as easily pop up another 100 pips and then at the same time drop back suddenly.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDJPY-W-31052015.png"><img class="aligncenter size-large wp-image-6034" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/05/USDJPY-W-31052015-1024x574.png" alt="USDJPY W 31052015" width="1024" height="574" /></a>

&nbsp;

Support is at 123.25 and resistance at 124.50.

&nbsp;
<ol start="5">
	<li><strong><u> THE CONCLUSION - MY FINAL THOUGHTS:</u></strong></li>
</ol>
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<u>5.2 –TRADING TIPS &amp; THOUGHTS FOR THE WEEK AHEAD: </u>

The RBA, ECB and BOE are all on interest rate decisions this week.

I am expecting a cut from the RBA and it is my intention to be short the AUD/USD ahead of the news with a small position to which I will add. If you are going to have open AUD positions, make sure they are within your RISK TOLERANCE guidelines.

I expect very little this week from the ECB and BOE, unless with regards to the ECB a major GREECE announcement has screwed up the markets.

We also have a lot of PMI data to be released. These whilst historic in nature will give us growth indications and they could all be market movers.
<p style="text-align: center;"><strong>Consistency = longevity in trading and that is a critical goal.
IT IS THE KEY MEASUREMENT</strong></p>
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Take care.

Scott Pickering
The Pip Accumulator
Sunday May 31st 2015

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