Weekly Trading Prep (Oct. 31 – Nov. 4, 2016)

We’ve got a big forex trading week ahead of us! Here are possible catalysts and chart levels to watch for if you’re trading the major dollar pairs.

Weekly Inflection Points to Watch

EUR/USD

GBP/USD

USD/JPY

USD/CHF

Open Price 1.0985 1.2273 104.57 .9877
Last Week’s High 1.0992 1.2273 105.54 1.0000
Last Week’s Low 1.0851 1.2083 103.72 0.9858
Top Weekly ATR 1.1067 1.2363 105.69 0.9949
Bottom Weekly ATR 1.0904 1.2009 103.45 0.9805

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. NFP report and speculations – Another month, another chance to trade an non-farm payrolls report! This time around analysts are expecting 175,000 new workers to have found jobs, higher than last month’s 156,000 reading, while the unemployment rate is expected to come in at 4.9% from last month’s 5.0% rate. Will the numbers will be enough to coax a rate hike from the Fed before the year ends?

2. Monetary policy decisions – Think the NFP release is the only big mover this week? Think again! The RBA, BOJ, Fed AND the BOE are all set to publish their monetary policy decisions some time this week. not only that, but BOC Governor Poloz is also set to give speeches twice in the next few days. I bet we’ll see fireworks!

3. U.K. and China’s PMIs – There are plenty of other top-tier releases, but I bet market players will pay special attention to the U.K.’s manufacturing, construction, and services PMIs as well as China’s monthly PMI reports. Worse-than-expected reports from the U.K. could fuel Brexit-related concerns, while misses in China’s data can take its toll on overall risk sentiment.

Don’t even think of missing any of these events!

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:
Here’s my Q3 2016 Trade Review and Reflections
Read the 5 lessons I’ve learned in 2015