Another forex trading week, another chance to get some pips! Here are the chart levels and major potential movers that I’m looking at for the next couple of days.
Weekly Inflection Points to Watch
|
EUR/USD |
GBP/USD |
USD/JPY |
USD/CHF |
|
| Open Price | 1.1169 | 1.2920 | 101.16 | 0.9743 |
| Last Week’s High | 1.1222 | 1.3098 | 102.68 | 0.9844 |
| Last Week’s Low | 1.1070 | 1.2909 | 100.84 | 0.9708 |
| Top Weekly ATR | 1.1264 | 1.3109 | 102.61 | 0.9827 |
| Bottom Weekly ATR | 1.1075 | 1.2731 | 99.71 | 0.9660 |
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. U.K.’s Tier 1 Reports – This week the U.K. will publish major reports such as its CPI, employment numbers, and retail sales reports. With the BOE members already hinting at the possibility of even more stimulus down the road, worse-than-expected data releases this week could lead to more GBP weakness.
2. FOMC Members’ Biases – Aside from the FOMC meeting minutes due on Wednesday, we’ll also see speeches from Fed members such as James Bullard and William Dudley. Watch out for hawkish remarks or hints of tightening sometime this year that could push the dollar higher across the board!
3. Risk Sentiment – Last week we saw a recovery in oil prices after remarks from Saudi Arabia’s Oil Minister hinted at possible negotiations down the road. However, rallies in high-yielding assets were limited by concerns for China and Japan’s economies. I’ll be on the lookout for more speculations of easing from both the PBoC and the BOJ and possible impact on risk sentiment.
That’s it for the pre-week trading prep this week! How about you? Are you looking at anything interesting for possible trade opportunities?
XOXO,
Huck
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:
2014 HLHB Trend-Catcher Performance
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.