Partner Center Find a Broker

Ready for another round of dollar trading? Here are possible catalysts and chart inflection points for forex traders who are into the dollar these days!

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

1.0564

1.0634

1.0493

1.0654

1.0475

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

WO

PWH

PWL

tWATR

bWATR

1.2473

1.2571

1.2402

1.2603

1.2344

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

WO

PWH

PWL

tWATR

bWATR

112.16

113.79

111.96

113.42

110.90

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

WO

PWH

PWL

tWATR

bWATR

1.0072

1.0120

1.0012

1.0149

0.9995

Potential Catalysts:

1. Trump’s speech in Congress – Tomorrow at around 3:00 am GMT Donald Trump is expected to give a speech before the Congress. Market players are expecting a lot from the speech, especially after U.S. Treasury Secretary Mnuchin hinted that the POTUS would use the opportunity to share his tax plans that would ease the burden of the middle class, simplify the tax system, and help make U.S. companies competitive in the global market. Let’s hope the wait is worth the hype!

2. U.K. PMIs – Over the next couple of days, we will see the manufacturing, construction, and services PMI from the U.K. The trio of releases normally causes intraday or intraweek rallies for the pound, but I have a feeling that all of them would take a backseat to overall risk sentiment and even updates on Scotland possibly doing another referendum. Make sure you stay glued to the tube for updates!

3. Fed officials’ speeches – Trump won’t be the only one with the headlines this week! See, we will also hear from voting members of the Fed. Kaplan, Brainard (no, not the one from Westworld), Evans, Powell, and Fischer will share their thoughts over the week and market players are expecting more of the hawkishness that the group has exhibited in their last speeches. Will they negate or support the intraweek trend that Trump has

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.