Hi guys, here is my analysis for the week ahead for forex, gold, oil and Ethereum. All markets are very choppy right now but there are technical clues that we could be on for a reversal or at least pullbacks.
So does technical analysis come first or do fundamentals lead the way to help us with our trading decisions? I share my strategy and thoughts in today’s video and In Tuesday’s live training session I will be looking at these as well as stocks.
The markets may well be waiting for the Feds interest rate decision on Wednesday the 3rd of May so how to play them in the meantime? On Thursday I shared with you my analysis about possible pullbacks on metals, crypto and some fx pairs. Also quite a few pairs that have the potential to make 10 X the risk!
If you missed that video you can check it out here below ( members only)
https://www.forexmentorpro.com/members-area/possible-10x-trades-stocks-crypto-update/
I do update you on these in todays video which you can find at the bottom of this page.
Here is the article from Marctomarket
http://www.marctomarket.com/2023/04/equities-retreat-while-dollar-is.html
The Forex Week Ahead+++++++++++++++++++++++
There is a bunch of red flag news next week but nothing major. Except the AUD CPI y/y and BOJ monetary policy statement. If BOJ changes its policy by tightening it, then this could strengthen the YEN. But this is on Friday which we don’t usually trade.
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MAJORS
Keep watching the $index it is now at a major “make your mind up” area on the weekly charts. I said a few weeks ago that even though it was dropping I suspected a move up was more likely than down, so far that has turned out to be the case.
Remember I am looking for “A” grade trades from weekly & daily charts that I can place the orders and then just walk away. A “B” grade is one that I will watch on smaller timeframes to see how it reacts if it hits my zone.
EUR/USD: Im looking for a long at 1.0700 at the weekly 55 EMA on the daily. 1.10660 is a possible swing trade.
USD/CHF: A grade short at 0.94100, not interested where it is right now.
Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”
GBP/USD:MACD Divergence, possible chance for it to reverse but cant make its mind up. leaving alone.
AUD/USD: Leaving it alone for now.
NZDUSD: A short anywhere around 0.6230 to 0.6250 is interesting.
USD/CAD: The first area to long at 1.3310 and the A grade for me is 1.30040 which has been a MAJOR area of support and resistance in the past.
USDYEN: leaving alone for now. wait for the news on Friday. 134.10 is currently interesting to long looking at the charts.
CROSSES
Some are A grades where I will place forward orders, most pairs have “areas of interest.” I have a lot of similar crosses so be very careful with the correlation.
EURGBP:I have a split order at 0.8730 and 0.8710 is the A grade long for me.
EURAUD: I would be looking anywhere around 1.57180 and 1.5640.
EURCAD: I have an order at 1.4450.
AUDCAD: Im currently in the trade, but if it pulls back looking to short again at 0.90800. News out on Wednesday morning.
AUDNZD: I don’t like this pair and tends to be volatile around news time. No idea which direction it wants to head in.
GBNZD: Interested to long at 1.94600 for multiple reasons.
GBPAUD: Correlated with GBPNZD, Looking to long around 1.8070. 1.7910 is also interesting for long if it drops.
GBPJPY: Im looking to long at 162.10
GBPCAD: 1.6310 is the sweet spot for me.
GBPCHF: 1.1490 is where I have placed my forward order. It is a major area of resistance but still far away, been waiting for weeks. I will also watch 1.1380 to short.
AUDJPY: Missed it last week by a few pips at 90.90
EURJPY: Im looking to long 141.140
As always, remember correlation!
M3 -Shorter timeframes.
I do my analysis on daily and weekly charts first and make a note of the MAJOR areas of support and resistance. Then copy them onto Pierre’s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts. You will see lots of opportunities line up during the week. The important thing then is to select a bias for the next few days and do NOT take trades if the price is too near a trend line or pivot. Ideally, you want to buy when the price is near a major support and or pivot point line and has the potential to make at least 40 pips. Vice versa for a short.
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
Watch the video below for more detailed explanations of this week’s analysis and trade plan (click the 4 arrows bottom right to view full-screen):
Regards
Marc
