Partner Center Find a Broker

With not a lot of economic data on the table, forex trader focus will be on a few politics-related currency risks. Here are some of them, as well as this week’s charts of the major dollar pairs!

1-Hour Charts of the Majors

Purple Line: weekly open prices (WO)
Blue Line: weekly highs and lows (PWH, PWL)
Red Line: top and bottom weekly ATRs (tWATR, bWATR)
Blue MA: 100 SMA
Red MA: 200 SMA

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

1.0609

1.0680

1.0516

1.0702

1.0516

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

1.2410

1.2549

1.2383

1.2545

1.2276

USD/JPY 1-hour Forex Chart
USD/JPY 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

113.57

114.96

112.62

114.19

111.60

USD/CHF 1-hour Forex Chart
USD/CHF 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

1.0027

1.0120

0.9967

1.0106

0.9948

Potential Catalysts:

1. Event risks for the euro – Forex Gump has listed down 4 factors that could weigh on the euro and at least three of them could pop up this week. Polls showing a more comfortable lead for Le Pen in April barely registered on the euro’s price action, but expect Grexit concerns and Renzi’s resignation as Democratic Party leader to cause a few blips.

2. U.K.’s House of Lords to debate Article 50 trigger – The U.K.’s upper chamber is set to discuss triggering the Article 50 today and tomorrow. A record 190 peers are scheduled to speak, and word around the hood is that they’ll try to secure the role of parliament in the Brexit process as well as seek guarantees for the rights of the EU citizens in Britain.

3. Trump’s tax plan – A couple of weeks ago, Trump promised a “phenomenal” tax plan in the next two to three weeks. The optimistic tone gripped U.S. markets and inspired risk rallies across the board. If the POTUS chooses to share his plans this week, then you can bet your skinniest jeans that market players all over the world will be watching. Question is, will his plans lead to more rallies or massive profit-taking?

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:
My Q4 2016 Forex Trade Review and Reflections
HLHB System’s 2016 Performance Summary
Read the risk disclosure!

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.