Forex Weekly Outlook for May 14th, 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:
Despite a big move up, the US Dollar appears to have put a top in right around the 93.50 area. But traders using VantagePoint knew this wasn’t a true move to the upside because the indicators forecasted weakness approximately 7 days ago.
What do the indicators say?
The VantagePoint key level is at 91.806 and the VantagePoint PRSI is at 53.6.
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 1.2035 and the VantagePoint PRSI is at 46.5.
U.S. Dollar/Swiss Franc (USD/CHF)
What do the indicators say?
The VantagePoint key level is at 0.9901 and the VantagePoint PRSI is at 51.9
British Pound/U.S. Dollar (GBP/USD)
What do the indicators say?
The VantagePoint key level is at 1.3721 and the VantagePoint PRSI is at 31.2.
U.S. Dollar/Japanese Yen (USD/JPY)
What do the indicators say?
The VantagePoint key level is at 108.94 and the VantagePoint PRSI is at 55.3.
The Commodities Currencies
U.S. Dollar/Canadian Dollar (USD/CAD)
What do the indicators say?
The VantagePoint key level is at 1.2822 and the VantagePoint PRSI is at 32.3.
Australian Dollar/U.S. Dollar (AUD/USD)
What do the indicators say?
The VantagePoint key level is at 0.7556 and the VantagePoint PRSI is at 60.1.
New Zealand Dollar/U.S. Dollar (NZD/USD)
What do the indicators say?
The VantagePoint key level is at 0.7060 and the VantagePoint PRSI is at 29.2.
