Forex Weekly Outlook for April 23rd, 2018
The Forex Weekly Outlook is designed to help traders remain aware of correlations in the global markets. Traders can become more profitable if they know how to get ahead of the trends. Utilizing the predictive indicators and correlated relationships in VantagePoint Software can help traders find the right trades and the right times to enter and exit those trades. Let’s look at the charts for the U.S. Dollar and the major pairs.
Forex and the U.S. Dollar
The U.S. Dollar Index is the backbone of forex trading. The bulk of the trades involves buying or selling the U.S. dollar. Understanding the movements of the individual market will greatly benefit forex traders as they will be able to better predict the movements of the pairs based on the IDX market movement.
Key levels and market movements:
The US Dollar has really made a turnaround with a hiccup in the gold markets. It’s currently locked in a primary channel. This triggered a triple EMA cross from VantagePoint.
What do the indicators say?
The VantagePoint key level is at 89.544 and the VantagePoint PRSI is at 68.
Forex Weekly Outlook for Major Pairs
The major pairs are where most Forex traders trade the market. In the Forex Weekly Outlook we take a look at the most popular pairs analyzing price action, news events and/or risk off scenarios that could play a role in market movement, and a series of VantagePoint charts that best present information that can assist traders in determining where the market may move in the week ahead.
Euro/U.S. Dollar (EUR/USD)
What do the indicators say?
The VantagePoint key level is at 1.2327 and the VantagePoint PRSI is at 25.5.
U.S. Dollar/Swiss Franc (USD/CHF)
What do the indicators say?
The VantagePoint key level is at 0.9608 and the VantagePoint PRSI is at 80.4.
British Pound/U.S. Dollar (GBP/USD)
What do the indicators say?
The VantagePoint key level is at 1.4144 and the VantagePoint PRSI is at 49.8.
U.S. Dollar/Japanese Yen (USD/JPY)
What do the indicators say?
The VantagePoint key level is at 106.97 and the VantagePoint PRSI is at 71.3.
The Commodities Currencies
U.S. Dollar/Canadian Dollar (USD/CAD)
What do the indicators say?
The VantagePoint key level is at 1.2709 and the VantagePoint PRSI is at 77.5.
Australian Dollar/U.S. Dollar (AUD/USD)
What do the indicators say?
The VantagePoint key level is at 0.7731 and the VantagePoint PRSI is at 16.1.
New Zealand Dollar/U.S. Dollar (NZD/USD)
What do the indicators say?
The VantagePoint key level is at 0.7295 and the VantagePoint PRSI is at 11.7.