Weekly Trading Prep: Oct. 24 – 28, 2016

Ready to trade the major dollar pairs this week? I know I am! Here are some potential inflection points as well as possible catalysts that I’m looking at for the next couple of days.

Weekly Inflection Points to Watch

EUR/USD

GBP/USD

USD/JPY

USD/CHF

Open Price 1.0882 1.2223 103.86 0.9947
Last Week’s High 1.1040 1.2330 104.38 0.9963
Last Week’s Low 1.0859 1.2136 103.17 0.9843
Top Weekly ATR 1.0957 1.2391 104.90 1.0020
Bottom Weekly ATR 1.0808 1.2056 102.83 0.9874

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. Central banker speeches – BOC’s Poloz, BOE’s Mark Carney, and ECB’s Mario Draghi have scheduled speeches this week. Not only that, but FOMC members Dudley and Bullard will also have their share of the spotlight. Who do you think will cause the most volatility?

2. Tier 2 economic reports – It may not be NFP week, but there are a couple of reports that could support/negate our existing currency biases. I’m especially looking forward to the euro zone’s PMIs as well as the U.K. and U.S. GDP readings. How about you?

3. Oil updates – Iraq rocked the oil markets earlier today when it hinted that it won’t be playing nice with any production cut deal with OPEC. With only a month to go before OPEC’s November 30 meeting, more oil producers are sharing their positions on oil production cuts. Watch out for volatility in oil prices and their impact on risk sentiment!

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