Start your trading prep with a review of last week’s price action and an overview of catalysts coming up.
Take a look at how the majors performed recently and the upcoming catalysts to watch out for:
Major FX Pairs Overview
The U.S. Presidential elections are bound to shake things up for the Greenback early this week, then the action could pick up again around the FOMC decision and NFP release. Quite an exciting week, huh? Read more.
EUR & CHF
Only a handful of low-tier reports is lined up from the Japanese economy this week, so the yen might have to hold out for major changes in risk sentiment. Read more.
Forex Charts to Watch:
Who’s up for a potential reversal on USD/CAD?The pair made a couple of failed attempts to break below the 1.3000 handle and looks ready to test the neckline resistance at the 1.3450 minor psychological mark.
Stochastic is also pointing down to indicate that selling pressure is present, so USD/CAD might still retreat to the lows again.
If you’d rather go with the flow, then this ascending trend channel setup might be more interesting!NZD/USD made higher lows and higher highs to trade inside this channel, and the pair is closing in on support. A bounce off this area could allow the uptrend to resume.
Technical indicators confirm that the floor is likely to hold, as the moving averages just made a bullish crossover. Stochastic is also indicating oversold conditions or exhaustion among sellers, so buyers might take over.
Who’s up for a countertrend play?EUR/JPY is also trending inside a channel but is testing the bottom of a descending channel.
A bounce could take it up to the nearby resistance levels marked by the Fibonacci retracement tool, especially since Stochastic is in the oversold region.
If you’re bearish on this pair, you could wait and see if any of the Fibs hold as a ceiling instead. That way, the price might have a better shot at returning to the swing low or the channel bottom.