If you like trading the majors like I do, then you might want to check out these potential catalysts and forex chart setups that could get you a few pips. Here are the deets!
Here are the numbers!
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
1. Top-tier U.K. reports – One look at the forex calendar tells us that we’ll see the Treasury’s Autumn forecast statement, BOE’s inflation report hearings, AND the U.K.’s second GDP reading. Lots of potential opportunities for volatility, don’t you think?
2. Euro Zone PMIs – On Thursday we’ll see a bunch of manufacturing and services PMIs from the euro zone. And while they don’t usually cause sustained movements, the relatively light economic calendar could influence sentiment on the euro for a couple of trading sessions.
3. Tax talk – Like in the previous week, investors will be paying close attention to how quickly the Trump administration can come up with a tax reform bill that the Americans (and global market players) would be impressed with.
Would the dollar get support from tax-related updates? Or will other issues distract the government from the real market-moving issue?
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