Last week was a little tricky because of the news events combined with NFP. But the week ahead looks pretty good if we can make a plan, trading around the US CPI and Retail sale figures.
I also mentioned in the video, people find it overwhelming to read the news or make sense of it at times. But sometimes you don’t need to overthink about the financial figures. You can’t predict them, but you can see the results in the charts. So we make our moves based on that. Secondly, it is important to read. I look at Marc and it is fascinating how much he knows what is happening in the real world. When I met him in Portugal he was telling me so many things that I never knew. He told me he reads a lot and it’s no surprise he knows soo much and is very wise. Wisdom won’t knock at your door, it will be attracted to those who are eager to pursue it.
If you don’t get the time at least read the monetary policy statements and see what the banks are up to. Read the snapshot comments from the speeches after the Monetary statement.
You can also follow Alf on Twitter who is giving regular updates on the financial markets. https://twitter.com/MacroAlf
The most recent breaking news is Silicon Valley Bank which collapsed in 48 hours. It is the second biggest bank failure since the 2008 financial crisis. It was a bank that lent funds to start-up companies, for example, Shopify, ZipRecruiter, and many more. around $48 billion was withdrawn due to customers’ panicking about the health of the bank. This affected other banks as their shares reduced in value as well.
You can read about it below:
$42 billion withdrawn, market panic
We are now working with FX2 who are giving you the opportunity to trade for them using their funds.
The Forex Week Ahead+++++++++++++++++++++++
The week ahead looks pretty good to trade as the news for different currencies is spread. We can be very flexible. So make sure to have a plan and trade around the news events. Also, be careful on Tuesday, you have US CPI news which as you know causes havoc in the markets. So make sure not to trade around this time. Wednesday the Retail sale figures for the US and then Thursday EUR have their finance rate announcement, so make sure to not trade EUR until after the press conference.
Keep an eye on the $ index.
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: Leaving it alone as its in between the EMAs. Keep an eye on the DXY.
USD/CHF: A grade short again at 0.94350, watch DXY for correlation.
Do not take the Euro/$ & Chf at the same time. They are correlated so it’s the same “bet.”
GBP/USD: Its in a make-up-your-mind region so I will mostly watch it this week but bias is to short. Watch the video.
AUD/USD: Looking for a short at 0.68300.
NZDUSD: Similar to the AUD and I would prefer this one. Looking for a short at 0.62220
USD/CAD: Leaving alone for now. I would look for longs at 1.35180.
USDYEN: A grade long at 134.400
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: 0.86950 is the A grade long for me.
EURNZD: I will look to long at 1.70420. similar to the EURAUD.
EURAUD: A grade long at 1.56250.
AUDCAD: No for me, but interesting to short at 0.91000 near the EMAS
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.
GBPCAD: A grade long at 1.61900 for multiple reasons. Im also looking at shorts in its current area at 1.6600 but watch the video.
GBPJPY: Interesting to long at 162.080, similar to the USDJPY.
As always, remember correlation!
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):