Weekly Trading Prep: Sept. 26 – 30, 2016

Ready for the last trading week of the month? Here are the major chart levels as well as possible catalysts you might want to watch out for if you’re trading major dollar pairs this week!

Weekly Inflection Points to Watch

EUR/USD

GBP/USD

USD/JPY

USD/CHF

Open Price 1.1224 1.2964 101.03 0.9698
Last Week’s High 1.1258 1.3122 102.80 0.9820
Last Week’s Low 1.1123 1.2913 100.10 0.9660
Top Weekly ATR 1.1308 1.3123 102.27 0.9778
Bottom Weekly ATR 1.1139 1.2805 99.70 0.9618

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. OPEC meeting headlines – Deal or no deal? After weeks of anticipation, we’ll finally find out just how much the world’s major oil producers are willing to play nice long enough to help boost oil prices. Most market players aren’t really expecting any solid deal from the meeting in Algiers. Forex Gump has outlined why a deal is possible though he also doesn’t think it will make much difference on the oil oversupply situation. What do you think?

2. Central banker speeches – This week major central bankers like BOJ’s Kuroda, BOC’s Poloz, ECB’s Draghi are giving speeches, their first since the Fed has decided to keep its rates steady in September. Not only that, but a couple of FOMC members (including Yellen!) will also give their two cents this week. Think rate hike speculations will factor in the charts this week?

3. Tier 2 U.S. reports – If day trading is your thing, then you might want to pay attention to Uncle Sam’s CB consumer confidence, durable goods orders, core PCE index, and updated GDP forecast releases. Hey, every pip counts, right?

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