Weekly Trading Prep: Sept. 19 – 23, 2016

Lots of potential catalyst on forex calendars this week! Which major currency pair are you planning on trading? Here’s what I have on EUR/USD, GBP/USD, USD/JPY, and USD/CHF!

Weekly Inflection Points to Watch

EUR/USD

GBP/USD

USD/JPY

USD/CHF

Open Price 1.1153 1.3001 102.15 0.9800
Last Week’s High 1.1285 1.3348 103.38 0.9819
Last Week’s Low 1.1149 1.3000 101.42 0.9691
Top Weekly ATR 1.1240 1.3163 103.41 0.9880
Bottom Weekly ATR 1.1066 1.2839 100.90 0.9720

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. Fed rate hike speculations – After weeks of speculations, the Fed will finally reveal its monetary policy decisions for the month of September. Will it raise its rates as many are expecting? Or will it hold until the December meeting? The announcement is set at 6:00 pm GMT on Wednesday followed by a press conference 30 minutes later. A lot of traders will be watching this, so make sure you are, too!

2. Other central bank events – The Fed won’t be the only one potentially rocking the forex boat this week. We also have the RBA’s meeting minutes and a speech by BOC’s Poloz tomorrow, the BOJ and RBNZ statements on Wednesday, and speeches from ECB’s Draghi and BOE’s Carney on Thursday. Talk about being jam-packed! Read more with Forex Gump’s analysis here!

3. OPEC meeting headlines – Earlier today oil prices (and risk appetite) got boosts from speculations that this month’s OPEC meeting will result to an output freeze agreement between the world’s major oil producers. Keep a close eye on headlines about the meeting and see if it influences risk-taking patterns this week!

That’s it for the pre-week trading prep this week! How about you? Are you looking at anything interesting for possible trade opportunities?

Huck's Signature

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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