A new week after the Easter holidays and the market looks to be re-shaping and preparing for the very busy economic events that plague the calendar this week.
With the likes of BOE, ECB, the FED and NFP to name a few, traders should treat the markets with caution as large swings from one direction to the other can easily happen on such saturated risk events that come out one after the other within days.
EURUSD – A confirmed break of 1.2800 this week should see tests of the 1.2780 and 1.2730 support, should 1.2730 give way, then a move to 1.2660 is likely.
To the upside, a confirmed break of 1.2880 should open up moves to 1.2915, 1.2940 and maybe 1.2980.
GBPUSD – If we see a confirmed break of 1.5150 this week, then moves to 1.5030 and possibly 1.4930 will be seen.
To the upside, should 1.5220 give way again from Tuesday onwards, then 1.5250, 1.5300 and possibly 1.5340 will be seen.
Previous forecasts can be viewed on the old thread: Forecasts
Forecasts are intended to be used as guides in combination with your own trading plan. They should not be used as standalone trading signals or traded/used without analysis from the end user.
Trading leveraged products may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Following on from this weeks forecasts, the GBPUSD is the only one to have provided a confirmed breakout of one of my levels (1.5150).
This took place on the day the forecasts were published (Tuesday).
GBPUSD has moved within 3 pips of target one 1.5030 (low 1.5033) for around a +110/120 pip gain, so its advised that you should at least take some profit or move your stop loss down to lock in profit if not already done. The other option is you close the full trade around target one ahead of the risk events this afternoon and tomorrow.
UK Services PMI is due at 09:30.
USDCHF has been stuck in a channel for a number of weeks now, but looks to be building a base since the start of April with RSI bullish divergence forming on the hourly chart.
There is a fib level that ties in with some daily and weekly support up at 0.9540, this was also the highs and start of the recent channel that CHF finds itself in.
With 6 failed attempts on the recent support 0.9445, it looks to be solid enough to attempt longs, especially with the RSI divergence building.
My Strategy: BUY USDCHF @ 0.9450, SL @ 0.9390, TP @ 0.9540.
Forecasts are intended to be used as guides in combination with your own trading plan. They should not be used as standalone trading signals or traded/used without analysis from the end user.
Trading leveraged products may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
EURUSD – Break 1.2980 with a confirmed move and targets will open up at 1.2930 then 1.2850.
On the upside, should 1.3030 give way, targets would be 1.3075 then 1.3110.
Downside favored.
GBPUSD – Break 1.5230 for moves to 1.5195 and 1.5150.
To the upside should 1.5290 break, a move to 1.5345 would be likely.
Downside favored.
Forecasts are intended to be used as guides in combination with your own trading plan. They should not be used as standalone trading signals or traded/used without analysis from the end user.
Trading leveraged products may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Following on from yesterdays published forecasts…
[B]EURUSD[/B] has broken the upside break level 1.3030 with a confirmed move and reached Target One 1.3075 with Target two still available.
[B]GBPUSD[/B] has also broken its upside break level 1.5290 with a confirmed move and reached its Target 1.5345.
[B]EURUSD[/B] – Upside Break of 1.3115 with a ‘confirmed break’ and we should see 1.3180 first, if this level eventually gives way on another confirmed break, EURO should then push onto 1.3250.
Downside break of 1.3030 with a ‘confirmed break’ should see EURO test 1.2960, if this levels gives way we should see 1.2860.
[B]1 HOUR CHART[/B]
[B]GBPUSD[/B] – Upside break of 1.5540 with s ‘confirmed break’ should see the GBP move to 1.5650.
Downside break of 1.5480 with a ‘confirmed break’ should see GBP move down to 1.5400, from here if this level gives way then a move to 1.5345 is likely and a break here with another ‘confirmed break’ should see the pair test 1.5230.
[B]1 HOUR CHART[/B]
There is an old saying in trading, “history tends to repeat”, this could be the case for the EURUSD & AUDUSD.
My charts below are self explanatory…
[B]EURUSD DAILY CHART[/B]
[B]AUDUSD DAILY CHART[/B]
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