{"id":218420,"date":"2023-02-06T13:54:33","date_gmt":"2023-02-06T13:54:33","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=218420"},"modified":"2023-02-06T13:57:01","modified_gmt":"2023-02-06T13:57:01","slug":"weekly-analysis-what-to-do-now","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/weekly-analysis-what-to-do-now\/","title":{"rendered":"Weekly analysis: What to do now?"},"content":{"rendered":"

Hi everyone,
\nThis week I would like to specifically draw your attention to the DXY chart. I said in my last bog that I’m expecting a pullback when it reaches the 100\/101 level. “Moving away strongly from the 200. Next resistance is at around 101\/100. I’m expecting the majors to pullback a little when the DXY reaches this area.” This is exactly what happened….What I did not see coming was the monster nonfarm payroll numbers printed yesterday. For those that haven’t seen yet, the US labour department said nonfarm payrolls grew by 517,000. To give you an idea of the importance of this number, the expected number was 185,000. (December’s payroll data were also revised up by 37,000 and November’s by 34,000). The dollar gained over 0.5% in response. What this essentially means is that the idea that the US will stop increasing interest rates or at a slower pace than the BOE or ECB this year is in serious doubt.<\/p>\n

DXY chart:
\nI’m focusing on the 55 and 200 level as a logical pullback point.\u00a0<\/strong><\/p>\n

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Let’s look at some other key charts.<\/p>\n

Energy & Metal Prices;<\/strong><\/p>\n

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Gold;<\/strong>
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Oil;<\/strong><\/p>\n

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Bitcoin;<\/strong><\/p>\n

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You can also follow us on Twitter https:\/\/twitter.com\/marcwalton<\/a><\/p>\n

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Red flag news:
\n<\/strong>Watch out for the AUD rate statement (interest rate statement) on Tuesday!
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Trade for clients & receive a substantial profit share<\/strong><\/em><\/h3>\n

We are radically overhauling how we approach funded accounts. All explained in the next article.<\/strong><\/em> Basically, anyone who has at least some experience can now go on to a funded evaluation account, without having to pay out as much and have the possibility to start to earn a substantial profit share and much quicker than on a small account.<\/p>\n

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MAJORS\u00a0<\/strong><\/p>\n

EUR\/USD: Long from 1.0644. Short from 1.115300<\/p>\n

USD\/CHF: Short from 0.9460.<\/p>\n

GBP\/USD: Short from the current level looks interesting, but I’m being extra cautious this week. (see video)<\/p>\n

AUD\/USD: Long from 0.6900. Short from 0.7170.<\/p>\n

NZD\/USD: Long from current position looks interesting but same caveat as the GBP pair (see video). Short from 0.6620.<\/p>\n

USD\/CAD: Long from 1.3000<\/p>\n

USD\/JPY: I would like to long now, but need a clearer break above the current level. See video.<\/p>\n

CROSSES<\/strong><\/p>\n

EUR\/GBP: Long from 0.8780 but on the shorter timeframe.<\/p>\n

EUR\/NZD: Long from 1.680<\/p>\n

EUR\/AUD: Long from 1.5600 if it breaks above (see video).<\/p>\n

*EUR\/CHF:<\/strong> Same as my last post -“Not my favourite pair, but at the KEY<\/strong> parity level now. I’d look to long if it breaks above this level”.<\/p>\n

GBP\/AUD: Short from 1.760<\/p>\n

CAD\/JPY: Short from 99.00<\/p>\n

AUD\/NZD: Long from the current position.<\/p>\n

As always, remember correlation! -Especially when taking more than one JPY trade!<\/p>\n

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We are NOT a \u201ctipping service\u201d our aim is to teach you how to trade for yourself.<\/p>\n

Watch the video below for more detailed explanations of this week\u2019s analysis and trade plan (click the 4 arrows bottom right to view full-screen):<\/p>\n