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Ready to make pips this week? I hope you are, because the dollar is flirting with some VERY interesting levels against its major counterparts. Check out these charts!

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

1.0588

1.0756

1.0580

1.0692

1.0480

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

WO

PWH

PWL

tWATR

bWATR

1.2382

1.2556

1.2370

1.2520

1.2236

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

WO

PWH

PWL

tWATR

bWATR

111.05

111.59

110.11

112.46

109.62

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

WO

PWH

PWL

tWATR

bWATR

1.0087

1.0096

1.0007

1.0176

0.9999

Potential Catalysts:

1. Janet Yellen’s speech – Last week, the dollar took some hits after the FOMC meeting minutes hinted that Fed members aren’t hawkish enough to expect more than three rate hikes this year. Dudley kept hopes alive though, saying that the members’ plan to rebalance their balance sheets will only give a “little pause” in their rate hike schedule. Will Yellen add to Dudley’s hawkishness? Or will she temper expectations and sneak in a dovish word or two?

2. U.K.’s CPI release – Tomorrow at 8:00 am GMT the U.K. will print its inflation numbers for the month of March. A reading stronger than the expected 1.8% core inflation uptick could give the pound a lift especially at the heels of MPC member Kristin Forbes calling for a rate hike. Make sure you stick around during the release!

3. Easter holidays – Brace yourselves for possible profit-taking, as traders prepare to close shop ahead of the Easter holidays. Make sure you don’t place tight stops if you’re planning to keep positions open over the weekend!

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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!

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.