Forex Weekly Outlook for April 9th, 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:
While the Dollar is coming under a bit of selling pressure, the non-farm payroll number was not that bad. The short-term indicators in VantagePoint are starting to move down, ultimately signaling that the Dollar is likely to move lower.
What do the indicators say?
The VantagePoint key level is at 89.629 and the VantagePoint PRSI is at 49.8.
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:
The shorter-term indicators in VantagePoint are starting to rise for the EUR/USD pair.
What do the indicators say?
The key VantagePoint level is at 1.2305 and the PRSI is at 47.5.
U.S. Dollar/Swiss Franc (USD/CHF)
Key Levels and market movement:
This pair is highly correlated to the global equity markets. If they start to move lower (especially the S&P 500), so will this pair. Overall, this pair has been very bearish.
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 1.3980 level. And the pair continues to hug that VantagePoint 18-day predictive moving average. Traders can look to be buyers of this pair around the 1.3915 area.
What do the indicators say?
The key VantagePoint level is at 1.4040 and the PRSI is at 60.3
U.S. Dollar/Japanese Yen (USD/JPY)
Key Levels and market movement:
There has finally been a tiny push higher. But only a clean and sustained break around the 108 area will take the pressure off the downside.
What do the indicators say?
The key VantagePoint level is at 106.46 and the PRSI is at 51.3.
The Commodities Currencies
U.S. Dollar/Canadian Dollar (USD/CAD)
Key Levels and market movement:
Traders can look to hold out for a potential short at the key VantagePoint level. If the pair continues to hold below 1.28, that will signal a much bigger move to the downside.
What do the indicators say?
The key VantagePoint level is at 1.2856 and the PRSI is at 27.5.
Australian Dollar/U.S. Dollar (AUD/USD)
Key Levels and market movement:
Selling into that key VantagePoint level has proved profitable for traders, but this pair is likely to reverse and go much higher.
What do the indicators say?
The key VantagePoint level is at .7713 and the PRSI is at 32.7.
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 close right at that key VantagePoint level. If commodities turn higher, it will help this pair.
What do the indicators say?
The key VantagePoint level is at .7258 and the PRSI is at 56.5.
