VantagePoint Forex Weekly Outlook for May 7th, 2018

VantagePoint Forex Weekly Outlook for May 7th, 2018

Forex Weekly Outlook for May 7th, 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 seen a very strong rally over the last few weeks, with a lot of really good data helping this rally. And it’s turned positive for the year! With that said, the indicators in VantagePoint are only cautiously bullish.

What do the indicators say?

The VantagePoint key level is at 91.081 and the VantagePoint PRSI is at 97.9

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 1.2137 and the VantagePoint PRSI is at 5.8.

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

What do the indicators say?

The VantagePoint key level is at 0.9815 and the VantagePoint PRSI is at 94.9.

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

What do the indicators say?

The VantagePoint key level is at 1.3853 and the VantagePoint PRSI is at 2.1.

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

What do the indicators say?

The VantagePoint key level is at 108.59 and the VantagePoint PRSI is at 52.3.

The Commodities Currencies

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

What do the indicators say?

The VantagePoint key level is at 1.2806 and the VantagePoint PRSI is at 55.7.

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

What do the indicators say?

The VantagePoint key level is at 0.7600 and the VantagePoint PRSI is at 27.1.

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

What do the indicators say?

The VantagePoint key level is at 0.7127 and the VantagePoint PRSI is at 18.6.

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By | 2018-05-07T14:10:11+00:00 May 7th, 2018|Forex|0 Comments

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