No trades this week

No setups... therefore no trades... looking forward to better trading positions next week.

Trade Forecast Jan 14 - 18

Last week saw bulish rallies on the AUD/USD, NZD/USD and downward rally for the USD/CAD that I benefited from.  I took out my trades just in time for the retracements that began friday.  This week, I believe that it will still be the following for these pairs once the retracements are over:

AUD/USD - upward
NZD/USD - upward
USD/CAD - downward

Last week, I hoped that the interest rate decisions for the Euro and the Pound would help the EUR/USD and GBP/USD breakout of the narrow ranges that they have been trading at since last year. The EUR/USD broke through the upside but fizzled out by weekend.  I believe that the relative quietness in the Eurozone and Ben Bernanke's upcoming speech will refuel risk rally and send this pair upward again.

The GBP/USD however, failed to break that barrier.  BOE's Mervin King speaks Tuesday (Manila) and could finally settle this pair's direction in the short-term.  My bet is an upward trend.

This week, one of the most hotly anticipated economic event is US Federal Reserve Chairman Ben Bernanke's speech (due Tuesday, Manila).  It is my belief that his speech will contain hints of policy that will set the tone for the USD pairs for the short-term.  Hopefully, the USD pairs will breakout of their ranges.

So, I await the speeches before entering any trade.