Weekly Trading Prep (Nov. 28 – Dec. 2, 2016)

Can you believe we’re down to the last NFP week for the year? Here are potential inflection points as well as the possible economic themes that would dominate the major currency pairs!

Weekly Inflection Points to Watch

EUR/USD

GBP/USD

USD/JPY

USD/CHF

Open Price 1.0612 1.2465 112.81 1.0117
Last Week’s High 1.0659 1.2514 113.91 1.0201
Last Week’s Low 1.0518 1.2313 110.27 1.0033
Top Weekly ATR 1.0708 1.2629 114.18 1.0201
Bottom Weekly ATR 1.0517 1.2302 111.45 1.0033

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 – Another NFP week, another chance to see dollar volatility! Remember that the Greenback has risen by hundreds of pips against its counterparts in such a short period of time. Heck, a Fed rate hike is all but priced in already! With the NFP release only a few days away, traders could decide to book their profits ahead of the event and spur deep retracements, if not a reversal. What do you think?

2. OPEC meeting updates – Word around the hood is that key OPEC meeting participants such as Saudi Arabia and Iran are starting to renege on their pinky promise to work on a deal to either freeze their output or cut their oil production. The huddle will happen in Vienna on November 30 and until then, expect to see tons of speculations (and volatility) from market players.

3. Central banker speeches – If you’ve checked your economic calendar, then you’ll know that central bankers such as ECB’s Draghi, BOC’s Poloz, Fed’s Dudley and Powell, and RBNZ’s Wheeler are due to give speeches this week. Watch out for any remarks on the dollar’s recent strength as well as any hints on what they’re planning to do about it!

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


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