Forex Weekly Outlook for March 5th, 2018

Forex Weekly Outlook for March 5th, 2018

Forex Weekly Outlook for March 5th, 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:

The US Dollar is in a repetitive pattern. Last week, it closed exactly on that key VantagePoint level and this week will be a big one with the non-farm payroll number and a few Fed speeches. If there is a week payroll number, which will take the pressure off further rate hikes. Traders should monitor the sideways movement of the dollar until at least Wednesday when that ADP report comes out.

What do the indicators say?

The VantagePoint key level is at 89.91 and the VantagePoint PRSI is at 50.1.

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:

If gold continues to move higher, we’ll see a lot of activity with this EUR/USD pair. There is both a double top and double bottom in place, so this pair is trading within that range. The PRSI is trying to put out a bullish signal, but it is struggling a little bit.

What do the indicators say?

The key VantagePoint level is at 1.2297 and the PRSI is at 50.7.

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

Key Levels and market movement:

This pair is following a similar pattern to EUR/USD with a potential bottom trying to form around the 1.3713 area.

What do the indicators say?

The key VantagePoint level is at 1.3903 and the PRSI is at 34.3.

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

Key Levels and market movement:

There really seems to be no buyers for this pair. There has been another retracement with multiple failures at the key VantagePoint level of 107.35. Traders can look for this pair to hold above the 105 area, but this pair is extremely volatile during the payroll week and traders need to take caution.

What do the indicators say?

The key VantagePoint level is at 107.35 and the PRSI is at 26.5.

The Commodities Currencies

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

Key Levels and market movement:

With some political moves by the Prime Minister of Canada, this is signaling a bigger move to the downside for this pair. Traders should take note of the massive level of resistance coming in at 1.2920. It’s important to take note of a bull trap.

What do the indicators say?

The key VantagePoint level is at 1.2670 and the PRSI is at 82.1.

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

Key Levels and market movement:

There is significant support all the way down to the .7640 area. If gold moves higher, this pair is likely to go with it.

What do the indicators say?

The key VantagePoint level is at .7836 and the PRSI is at 25.5.

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

Key Levels and market movement:

This pair is virtually the same trade at the AUD/USD. The neural index has turned positive, but traders should continue to watch the intermarket correlation of gold as well.

What do the indicators say?

The key VantagePoint level is at .7316 and the PRSI is at 49.2.

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By | 2018-03-05T14:59:46+00:00 March 5th, 2018|Forex|0 Comments

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