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
|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
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?
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!