Weekly Trading Prep (November 21 – 25, 2016)

Not a lot of major reports on the calendar this week, but that doesn’t mean we shouldn’t keep close tabs on our charts! Here are possible inflection points and market movers for the major dollar pairs!

Weekly Inflection Points to Watch

EUR/USD

GBP/USD

USD/JPY

USD/CHF

Open Price 1.0592 1.2345 110.93 1.0098
Last Week’s High 1.0842 1.2595 110.93 1.0124
Last Week’s Low 1.0568 1.2302 106.74 0.9884
Top Weekly ATR 1.0689 1.2516 112.28 1.0184
Bottom Weekly ATR 1.0494 1.2174 109.59 1.0012

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. Pre-holiday profit-taking? – After rising quickly in the past couple of days, the dollar is vulnerable to a bit of profit-taking, especially before the U.S. Thanksgiving holidays. Watch out for potential retracement levels and possible downside momentum over the next trading sessions!

2. OPEC meeting updates – OPEC’s big huddle is only a few days away and you can bet your neighbor’s cat that traders will pay closer attention to what the big players are saying. Word around the hood is that Putin all but declared Russia ready for a production cut. Which major player is next to hint at giving its cooperation?

3. U.K. Treasury’s annual forecasts – It’s that time of the year, folks! Once a year the Office of Budget Responsibility (OBR) rolls out its budget plans for the year ahead. It typically includes the expected spending and borrowing levels, as well as comments and independent forecasts on GDP and inflation. How will the office adjust for the prospect of a Brexit?

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