Weekly Trading Prep: July 25 – 29, 2016

Who’s trading the majors 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 1.0974 1.3146 106.16 0.9874
Last Week’s High 1.1085 1.3315 107.51 0.9907
Last Week’s Low 1.0955 1.3065 105.28 0.9811
Top Weekly ATR 1.1085 1.3361 107.68 0.9953
Bottom Weekly ATR 1.0877 1.2931 104.65 0.9795

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 Chart

EUR/USD 1-hour Forex Chart


GBP/USD 1-hour Forex Chart

GBP/USD 1-hour Forex Chart


USD/JPY 1-hour Forex Chart

USD/JPY 1-hour Forex Chart


USD/CHF 1-hour Forex Chart

USD/CHF 1-hour Forex Chart

3 Potential Catalysts:

1. BOJ’s Policy Decision – For the past couple of weeks JPY crosses have been getting support from speculations that Shinzo Abe would unleash another round of stimulus measures to speed up Japan’s economic growth. Question is, will the BOJ choose to implement its changes this month? Or will it wait for more details on Abe’s plans and roll them out next month? Look for the BOJ’s schedule, bias, and the size of its future program, as they’ll likely have an impact on the yen’s volatility and price action this week.

2. FOMC Statement – On Wednesday the Fed will publish its own monetary policies. No one is expecting changes from the central bank though market players will likely scrutinize every detail of the report for signs of the Fed’s rate hike schedule. Yellen won’t be following up with a press conference after the release, but make sure you stick around in case we need to adjust our dollar biases!

3. GDP Releases – This week the U.K., Canada, U.S., and a bunch of euro zone countries are scheduled to release their GDP reports. Releases from the U.K. and the U.S. will likely get the most attention since the BOE is specifically looking at post-Brexit results while Janet Yellen and her gang are looking at growth to help determine their next rate hike schedule. Tier 1 reports like these ones tend to cause volatility, so keep your eyes glued to the tube when they’re released!

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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