G-7 get together

by | Jun 27, 2022 | Forex Articles

G7

Current forex Markets

I show in the video once again why the 200ema is so important in my trading. This is not just for forex. Technical trading is all about support and resistance for me. I am looking at a combination of horizontal and vertical trend lines, emas, fibs etc.

As much confluence in the same area as possible gives me multiple reasons to believe that price will PROBABLY react in an area. At the end of the day, we are trading probability. There is no certainty in trading as you will have discovered 😊

There is a very little red flag, scheduled news this week. Usually, we just focus on that, however, in recent weeks we have seen how even “yellow flag” news has been important and has shifted prices.

Analysts are looking at a drip-drip of news to try to gauge whether or not inflation is showing any sign of abating. Remember most news refers to the 3 main reasons for a currencies strength:

Inflation, interest rates (current & future expected), and growth. Many experts are currently concerned that the Federal Reserves’ current plans with lead to a recession and or stagflation.

The Forex Week Ahead

The G-7 are meeting to discuss several issues that the world is currently facing. Such as how to control the surging oil price, Germany is also trying to push to move back to fossil fuels due to the natural gas shortage. We also have the US trying to ban Russian Gold imports which could affect Putin. They will try to stop this as they do not want Russia to control the gold reserves. So the commodities could be very volatile this week.

G7 Meeting

There are plenty of speeches so keep an eye on those as a comment from ECB, BOE, and FED could affect the currencies.

Also, as I mentioned above, keep an eye on the yellow flag news as there is plenty of news on retail sales, PMI figures, Flash CPI, imports exports, and the unemployment rate for the EUR coming out this week.
At the moment, especially when there is not much red flag news, the yellow flag can have a bigger impact than you would usually expect.

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MAJORS

Remember I am looking for “A” grade trades from daily charts that I can place and then just walk away.

EUR/USD: The A grade is all the way up at 1.0980. There is a long way for that so if you want to trade it go on the 4HR, 1.0600 is interesting but not an A grade.

USD/CHF: I want to only long this pair, 0.94600 and 0.95000 is where I will look for longs. I will be looking to do a split entry.

GBP/USD: I only want to short. 1.28000 is where I would like to short but that’s miles away. Intra day watch 1.25000 but the stop is not great.

AUD/USD: It has done an M2 breakout. I now need a pullback to the 0.71600 region for a short. if it doesn’t get there 0.7000 is an area of interest.

USD/JPY: I am leaving this alone at the moment as it is very likely the BOJ will continue intervening to strengthen the Yen. DOn’t try fight a central bank!

USD/CAD: I will look at possible longs at 1.2850 when the markets open and 1.27200 if it drops further. Do not long it when it gets anywhere near 1.2960 and think of that and especially just below 1.3000 as a target for any longs. Counter trend trades will be interested to short there.

NZDUSD: I will be looking to short this at 0.67200. 0.6570 is an area of interest as well.

CROSSES

NZD/CHF: 0.63000 is the A grade for a short. Intra day watch 0.62000 as its massive area of support and resistance.

EUR/GBP:  It is very messy at the moment, but 0.85000 is an area of interest for a long. If it hooks my target to take most of the profit will be 0.8590, explained in the video.

AUD/NZD: 1.0825 for a long.

EURCAD: Looking to short at 1.37876 is an A grade for me.

AUDCAD: I will be looking to short this at 0.91660

AUDJPY: looks interesting on the Daily for a long at 91.300

As always, remember correlation!

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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

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