Hello, traders, I hope you are having a nice weekend. Welcome to the weekly outlook and next week we are having very interesting economic events starting from Wednesday and Friday. So as my duty to pass through different markets and scan them thoroughly and filtering high probability trade setups. So this week on the table EUR/USD, AUD/USD and USD/CAD look very interesting.
Last week the ECB (European Central Bank) did not make any change to the interest rates. This decision brought tension for the dollar but after the spike price continued normally with the downtrend Euro still loosed value against the USD. However this week we are looking for price to rise and test the blue box resistance level and fall. The FEDERAL RESERVE BANK is expected to release interest decision report and this would insanely drive the USD. Currently, the move illustrated in the diagram is expected as the Market Opens.
Aussie has tested support again and 1:00 Am the consumer price index data will be released. We are expecting a bullish rally to the next resistance as labelled on the chart. However, we should also expect the Dollar to rise in value from the NFP report on Friday. So from our technical perspective, AUSSIE dollars is still in a bearish momentum and NFP data can be used to break the support after the pullback.
Dollar Cad is has formed a new high and I am personally waiting for a pullback to support and buy at the deep. Remember the phrase BUY LOW SELL HIGH this is what is happening here. Simple rules simple money. You just have to follow it and don’t break it. By the time price has hit support it would be Friday and NFP data will drive the pair back up (TREND CONTINUATION). However, the price may also not reach support keep in mind it’s okay for price not to obey you.
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Raymond is a professional currency trader with experience of 4 years trading the financial markets. Certified Risk Manager and Contributor at profxtigers.com