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Start your trading prep with a quick review of last week’s forex action from my buddy Pip Diddy, an overview of catalysts lined up for the major currencies, and the charts to watch this week.

Major Currencies Overview

USD

The upcoming week could be all about inflation as Uncle Sam will be printing its PPI and CPI figures for April. Oh, and Fed head Powell has a speech lined up, too!

Recall that the FOMC statement turned out to be a disappointment for bulls since policymakers omitted some key phrases, and it didn’t help that the NFP figure came up short. Read more.

CAD

Crude oil price gains pushed the Loonie around for yet another week, but the Canadian currency also took some cues from positive remarks by BOC head Poloz.

Apart from the jobs report due Friday, there are no major reports from the Great White North this week, which suggests that CAD could continue to track crude oil. Read more.

EUR & CHF

The shared currency finished the previous week nearly at the bottom of the pack mostly due to downbeat economic data. Meanwhile, the franc didn’t have such a positive run either.

A few medium-tier reports are lined up from both the euro zone and Switzerland throughout the week, before traders take off for their market holiday on Thursday. Read more.

GBP

Sterling was the biggest loser for the week on resurfacing Brexit jitters and downbeat PMI readings. Heck, that’s its third straight week of losses!

With that, traders might start pricing in downbeat expectations for the upcoming BOE statement as hawkish policymakers who previously voted to hike might need to rethink their biases. Read more.

JPY

The lower-yielding yen managed to rake in most of the safe-haven flows, even though Japanese banks were closed for the most part of the week.
Only medium-tier reports are lined up from Japan this coming week, which suggests that market sentiment could be the main driver for yen pairs once more. Read more.

AUD

Since risk sentiment was the top driver of market price action for the previous week, it’s no surprise that the Aussie took its cues from gold prices.

The Australian retail sales report is the only main event in the Land Down Under this week, so sentiment could still push gold and the Aussie around. Read more.

NZD

The Kiwi was off to a positive start but finished the week on a mixed note, thanks to ever-changing market sentiment.

The RBNZ interest rate decision this week could allow the currency to establish a clearer direction, even though there are no rate changes expected. Read more.

Charts to Watch:

USD/JPY: 4-hour

USD/JPY 4-hour Forex Chart
USD/JPY 4-hour Forex Chart

Don’t look now, but this pair is testing the very bottom of its rising channel on the 4-hour time frame and looks prime for a bounce back to the top. Stochastic is indicating oversold conditions and turning higher to suggest that dollar bulls are trying to get back in as well.

AUD/CAD: Daily

AUD/CAD Daily Forex Chart
AUD/CAD Daily Forex Chart

If you’re AUD bullish, this setup could be worth watching as price is bouncing off a long-term support around the .9600 handle. This happens to be the bottom of a descending triangle pattern, and a continuation of bullish moves could take price back to the top or at least until the next area of interest close to parity.

AUD/USD: 4-hour

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

If you’re AUD bearish, on the other hand, here’s a classic pullback setup you might wanna keep tabs on. The 61.8% Fib lines up with the descending trend line and a former support zone that might keep further gains in check, sending the pair back down to the swing low or lower.