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Ready for another week catching pips? Here are potential inflation points and catalysts that might affect the dollar’s price action in the next couple of 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

1.1196

1.1212

1.0922

1.1283

1.1110

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

WO

PWH

PWL

tWATR

bWATR

1.2992

1.3048

1.2866

1.3100

1.2885

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

WO

PWH

PWL

tWATR

bWATR

111.03

114.37

113.85

110.23

109.90

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

WO

PWH

PWL

tWATR

bWATR

0.9736

1.0020

0.9725

0.9810

0.9663

Potential Catalysts:

1. FOMC statement – The Greenback will go right under the spotlight again this week as FOMC members share their latest meeting minutes. Will the Fed hint at a possible rate hike in June? More importantly, will market players care or are they all about Trump-related drama these days?

2. U.S. preliminary GDP – On Friday at 12:30 pm GMT we’ll see the second reading of Uncle Sam’s economic growth. Analysts think growth will be revised higher from 0.7% to 0.9%.

3. OPEC meetings – OPEC members as well as major, non-OPEC member oil producers will have a huddle this week to talk about possibly extending their production cut deal that is set to expire in June. Word around the hood is that they will.

Question is, how will traders react? Is it a buy-the-rumor-sell-the-news kind of thing? Or will the meetings yield newer, juicier headlines that market players can price in?

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!

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.