Forex Weekly Outlook for April 2nd, 2018

Forex Weekly Outlook for April 2nd, 2018

Forex Weekly Outlook for April 2nd, 2018

The Forex Weekly Outlook is designed to help traders remain aware of intermarket correlations of global market relationships. You can become more profitable if you know how to get ahead of the trends and understand that these relationships can potentially expand your portfolio. Utilizing the predictive indicators and intermarket relationships in VantagePoint Intermarket 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:

With a double bottom forming, it does appear that the dollar has recovered. And the indicators do support a further move up for the US dollar. But, traders need to carefully monitor the upcoming non-farm payroll as that will dictate a bigger move (in either direction) for the Dollar.

What do the indicators say?

The VantagePoint key level is at 89.400 and the VantagePoint PRSI is at 68.3.

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)

Key Levels and market movement:

This pair is under pressure as gold continues to be under pressure. But the pair is still in a well-defined range between 1.2140 and 1.2560 with a slight bias to the downside.

What do the indicators say?

The key VantagePoint level is at 1.2331 and the PRSI is at 43.1.

U.S. Dollar/Swiss Franc (USD/CHF)

Key Levels and market movement:

This pair continues to trade inside of a very well-defined channel. It should remain firm, but traders should continue to watch the correlation between the EUR/USD and gold.

What do the indicators say?

The key VantagePoint level is at .9484 and the PRSI is at 60.0.

British Pound/U.S. Dollar (GBP/USD)

Key Levels and market movement:

There is still heavy support around the 1.4091 level. The neural index is showing a bit more downside, but traders can assess with the PRSI that further downside is likely.

What do the indicators say?

The key VantagePoint level is at 1.4091 and the PRSI is at 39.3.

U.S. Dollar/Japanese Yen (USD/JPY)

Key Levels and market movement:

This is the first time in a VERY long time where this pair was able to close above the key VantagePoint level. However, unless there is a very strong payroll number, very little has changed with this particular pair.

What do the indicators say?

The key VantagePoint level is at 106.20 and the PRSI is at 54.7.

The Commodities Currencies

U.S. Dollar/Canadian Dollar (USD/CAD)

Key Levels and market movement:

There is rock solid support coming in around the 1.28 level and longs will carry the edge while above that level.

What do the indicators say?

The key VantagePoint level is at 1.2897 and the PRSI is at 33.5.

Australian Dollar/U.S. Dollar (AUD/USD)

Key Levels and market movement:

There is massive support sitting just above the .7630 area. But if the global equity markets continue to sell off, that will put downward pressure on this pair.

What do the indicators say?

The key VantagePoint level is at .7737 and the PRSI is at 40.3.

New Zealand Dollar/U.S. Dollar (NZD/USD)

Key Levels and market movement:

This pair is very similar to the AUD/USD and continues to fail at the key VantagePoint area of .7253.

What do the indicators say?

The key VantagePoint level is at .7253 and the PRSI is at 46.5.

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By | 2018-04-02T16:59:24+00:00 April 2nd, 2018|Forex|0 Comments

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