Friday, January 20, 2017

[FOREX TIP] Next week events to eye for EURUSD

Weekly Forex News Events for EURUSD – 23rd to 27th Jan 2017

The last week was a bullish week for EURUSD. Traders had to face news events that could have made the pair volatile. However, the pair did not get as volatile as it could have gotten. EURUSD traders have to encounter some high impact news events in the week ahead as well. Let us have a look what they are.

Monday- 23rd January- 23.30 GMT

  • ECB president Draghi speaks
An important news event, which has to be dealt accordingly by EUROUSD traders. ECB president Draghi’s speech can make this pair be extremely volatile. Schedule of the speech is unusual though. However, it is better to be safe than sorry.

Wednesday-25th January- 15.30 GMT

  • Crude oil Inventories
This is a high impact data release event. It has a tendency to produce huge spike as far as intra-day charts are concerned.

Thursday- 26th January- 13.30 GMT

  • Unemployment claims
This is the news event, which should be taken extra care by EURUSD traders in the week ahead. “Unemployment claims” data has been doing well for the USD. The forecast is 247 K for the next week. Last three weeks average claim is 238 K. It gives us a hint that the original claim might be less than the forecast. If it really is, then the USD is going to get some fuel to show its strength. Obviously, it could go another way as well. This means EURUSD pair will get volatile at the time of this news event next week.

Friday-27th January- 13.30 GMT

  • Advance GDP q/q
  • Core durable Goods orders m/m
These two data release events could make the pair be volatile as well. In fact, to finish a week off with these two high impact news events, traders of the EURUSD pair should be very careful with their intra-day position.

from Advanced Forex Strategies

[FOREX FORECAST] AUDUSD Weekly – 23rd to 27th Jan 2017

AUDUSD Weekly Forex Forecast – 23rd to 27th Jan 2017

The Australian dollar is among the best performing G10 currency posting three consecutive weekly bullish candles. We have close above the 0.7500 big psychological number, but more importantly, we’ve close above 0.7525 swing high. However, at the same time, we can spot a massive bearish divergence between the price and the stochastic indicator which is a clear warning that the uptrend can pause and see a retracement before the next accumulation phase and rally take place.

The first level of support comes in at 0.7450 followed by 0.7400 where we can expect a bounce. To the upside, the next major resistance levels only comes at 0.7740 daily resistance. There are growing speculations that the RBA will move towards a tightening monetary policy as soon as this year. Many of the Wall Street analysts predict that the RBA is on its way to raise rates this year which is part of the reason why we saw such a strong rally since the beginning of the year.

However, when this expectation will face reality we’re expecting to see a rebalancing of those long positions which can be the catalyst for the upcoming sell-off. The RBA is expected to keep rates on hold on Wednesday during the first monetary policy of the year and this can be the catalyst for a AUDUSD retracement.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 23rd to 27th Jan 2017 – Bearish

from Advanced Forex Strategies

[FOREX FORECAST] USDCAD Weekly – 23rd to 27th Jan 2017

USDCAD Weekly Forex Forecast – 23rd to 27th Jan 2017

The USDCAD technical pattern continues to be bearish despite last week’s rally. Only a break above the big psychological number 1.3500 will invalidate the bearish case. While on the long-term USDCAD is in a bullish trend in the short-term we can still see some further consolidation. The stochastic indicator is in oversold conditions which threaten the current up swing wave, however, there is still a possibility of a false breakout above 1.3387 last week’s high before we can see any meaningless retracement.

Any sell-off can be limited in time and price as right at the 1.3150 level we have an important support and above it we have 1.3220 as intraday support. The Canadian economic calendar doesn’t have any major risk event that can distort the market volatility and in this regard, we can expect a very quiet USDCAD exchange rate.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 23rd to 27th Jan 2017 – Mildly Bearish

from Advanced Forex Strategies

[FOREX FORECAST] GBPUSD Weekly – 23rd to 27th Jan 2017

GBPUSD Weekly Forex Forecast – 23rd to 27th Jan 2017

Last week GBPUSD opening gap followed by a quick rally has produced what in technical terms we refer to as a “V” shape bottom. This is a very powerful pattern that can produce a swing low point and it can be an indication that the bulls are in control. The Brexit fears are already priced in and despite the prospects of a hard Brexit, the British Pound seems ready for a much deeper correction. However, we still need confirmation and a weekly break and close above the 1.2500 big psychological number will be sufficient for the bulls.

The stochastic indicator is showing a buildup in the bullish momentum and only a break below 1.2200 will invalidate the bullish case. We can expect a reaction from 1.2300 intraday support level. To the upside, we have the 1.2432 as intraday swing high which can act as resistance. The UK economic calendar will bring on Thursday the GDP figures for the last quarter of 2016. Based on the market consensus the Q4 GDP figures are expected to shrink to 0.5%, down from 0.6% while the annualized GDP figures are expected to come in at 2.1%.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 23rd to 27th Jan 2017 – Bullish

from Advanced Forex Strategies

[FOREX 101] Do you have what it takes to be a trader?

Before you can begin to identify the trading style and approach that works best for you, give some serious thought to what resources you have available to support your trading. As with many of life’s endeavors, when it comes to financial-market trading, there are two main resources that people never seem to have enough of: time and money. Deciding how much of each you can devote to currency trading helps to establish how you pursue your trading goals.

If you’re a full-time trader, you have lots of time to devote to market analysis and actually trading the market. But because currencies trade around the clock, you still have to be mindful of which session you’re trading, and of the daily peaks and troughs of activity and liquidity. Just because the market is always open doesn’t mean it’s necessarily always a good time to trade.

If you have a full-time job, your boss may not appreciate your taking time to catch up on the charts or economic data reports while you’re at work. That means you’ll have to use your free time to do your market research. Be realistic when you think about how much time you’ll be able to devote on a regular basis, keeping in mind family obligations and other personal circumstances.

When it comes to money, we can’t stress enough that trading capital has to be risk capital and that you should never risk any money that you can’t afford to lose. The standard definition of risk capital is money that, if lost, will not materially affect your standard of living. It goes without saying that borrowed money is not risk capital — you should never use borrowed money for speculative trading.

When you determine how much risk capital you have available for trading, you’ll have a better idea of what size account you can trade and what position size you can handle. Most online trading platforms typically offer generous leverage ratios that allow you to control a larger position with less required margin. But just because they offer high leverage doesn’t mean you have to fully utilize it.

More on this next time!

[FOREX NEWS] President Trump speaks – JPY flies, MXN sinks

President Donald Trump sounds angry in his speech, talking about America First. His speech is full with nationalism. He talks about “buy America, hire America”. At least he also talks about building infrastructure, an important part that was missing from his recent press conference. His speech is full of patriotism and lashes against the establishment, saying that empty talk is over. [...]

via Forex Crunch

[FOREX NEWS] Trump is now US President – USD does not seem to care

This is happening.

Donald Trump is taking the oath of office in a historic ceremony on Capitol Hill in Washington. The press has not received any excerpt of his speech. Trump says that power is being transferred from Washington DC to the people of America. Trump mentions the closure of factories and lashes against the establishment. The [...]

More at Forex Crunch

[FOREX NEWS] Canada data isn't up to snuff... CAD takes the hit

Canada had its double-feature Friday and data pointed in one direction: down. In the past, the simultaneous publication of retail sales and inflation figures triggered confusion as one figure would turn positive and the other negative. Not this time. Retail sales rose by only 0.2% instead of 0.5% expected. Core sales were up a mere 0.1% [...]

Read full at Forex Crunch

bitcoin faucet

Popular Posts