Weekly Trading Prep: July 11-15, 2016

Are you ready to trade the major dollar pairs this week? Here are technical levels as well as some forex catalysts that you might want to keep your eyes on!

Weekly Inflection Points to Watch

EUR/USD

GBP/USD

USD/JPY

USD/CHF

Open Price 1.1050 1.2951 100.63 0.9816
Last Week’s High 1.1187 1,3341 102.84 0.9869
Last Week’s Low 1.1002 1.2797 100.00 0.9685
Top Weekly ATR 1.1155 1.3165 102.09 0.9902
Bottom Weekly ATR 1.0945 1.2733 99.18 0.9731

1-Hour Charts of the Majors

Purple Line: weekly open prices
Blue Line: weekly highs and lows
Red Line: top and bottom weekly ATRs
Blue MA: 100 SMA
Red MA: 200 SMA

EUR/USD 1-hour Forex Charts

EUR/USD 1-hour Forex Charts


GBP/USD 1-hour Forex Charts

GBP/USD 1-hour Forex Charts


USD/JPY 1-hour Forex Charts

USD/JPY 1-hour Forex Charts


USD/CHF 1-hour Forex Charts

USD/CHF 1-hour Forex Charts

3 Potential Catalysts:

1. Japanese government intervention? – With Shinzo Abe and his friends are slated to win the majority in the Upper House elections over the weekend, the Prime Minister has been giving hints of another stimulus package for the economy. Not surprisingly, the yen has already lost pips across the board. More hints of further stimulus could continue to boost risk sentiment and weaken the yen while vague remarks on the issue could be taken as simply jawboning and could eventually push the yen back up.

2. BOE’s policy decision and Carney’s presser – The central bank’s monetary policy decision scheduled on Thursday will be the first one since the U.K. has voted out of the EU. Will the BOE release the kraken this month? Mark your GBP charts, folks. We might be in for a potentially volatile week for the pound!

3. China’s data dump – The better-than-expected NFP report from last Friday fostered a risk-friendly environment, one that has extended up to this week’s first Asian session trading. Will economic reports on China, the world’s second largest economy, shift the winds in favor of the low-yielding Greenback? Reports to watch include the trade balance release on Wednesday and the GDP, industrial production, retail sales, and fixed asset investment reports on Friday.

That’s it for this first update! Have you marked any potential trade on the majors yet? Don’t hesitate to share!

XOXO,

Huck

P.S.: Remember to never risk more than 1% of a trading account on any single trade and to adjust position sizes accordingly. Create your own ideas and don’t follow what I do. Better yet, read the Risk Disclosure!

See also:

2014 HLHB Trend-Catcher Performance

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