Weekly Forex Market Forecast May 19th – May 24th

 

Weekly Forex Market Forecast Video last week I talked about a possible long trade in the Usd/Cad Forex pair.  This week alone the Usd/Cad currency pair moved in our direction 180 plus pips and now we are positioned very well, we were able to scale out and now have a risk free trade that could turn into several hundred pips.

In last weeks Weekly Forex Market Forecast video we also talked about the Euro and Pound Currency pairs retracing and heading lower, now we are getting close to the lower swing point on the Euro  so we must watch close for signs to see if the swing point will hold or if it will break and head lower.

Click on the video to watch this weeks Weekly Forex Market Forecast video to see all the levels we are watching for in the coming days and possible weeks.  Do you know where the Euro is headed if the lower swing point does not hold?  In this video I show the levels I will be watching and levels you may want to pay attention to yourself .

 

Weekly Forex Market Forecast Video

Weekly Forex Market Forecast May 12th – May 17th

 

 

Weekly Forex Market Forecast this week will be covering the Usd/Cad , Eur/Usd and the Gbp/Usd currency pairs.  Looking at the schedule news releases for  this week, I see there are very few red flag items,  so trading around the news this week shouldn’t give us to many problems.

 

 

Weekly Forex Market Forecast Usd/Cad

The Usd/Cad pair has come into a nice confluence zone this week and looks to be supported at that level for the time being.  I Illustrated in the Weekly Forex Market Forecast  video how I started to  build the confluence zone by drawing an ABC Fibonacci Price extension,  an external Fibonacci retracement level and   an Internal Fibonacci retracement that comes in right at the 61.8 % level.  Price has started to reject this level at this time.  Now  the question I have in my head is will it retest the confluence zone or even give a false break sucking more breakout traders in and bouncing off the 78.6% Fibonacci level.?

Weekly Forex Market Forecast   Eur/Usd 

This week my outlook for the Eur/Usd is basically the same as in last weeks Weekly Forex Market Forecast video.  I see the Eur/Usd heading lower and possible retesting the lows made on April 4th at that point in time we need to pay close attention to price to see if price will continue or look to bounce higher.  There is still a chance the Eur/Usd can see higher prices  and not retest the lows, But in order for that to happen the Eur/Usd must close above 1.3200 level I stated in this weeks Weekly Forex Market Forecast video.

Weekly Forex Market Forecast Gbp/Usd

This week my outlook is the same as it was in last weeks Weekly Forex Market forecast video.  I see nothing changing my stance as of yet and if the U.S. dollar index can continue to rise I believe all three of these currency pairs has the chance to make us a little money.

 Weekly Forex Market Forecast Video

Forex Market Preview

 

The Forex Market Preview video This Week will be covering the Euro vs U.S. Dollar as well as the British Pound vs U.S. Dollar.  Later in the Forex Video I discuss the Dollar index and how the index is correlated with several currency cross pairs.

As Forex traders it’s always important to pay attention to how the base currency is performing as a whole this does not change regardless of which Forex currency pair that you may be trading.

To view Previews Forex Market Preview Videos then click here.

Forex Market Preview for the Euro v U.S. Dollar for the the week  of May 5th – May 10th.

As I stated in this weeks Forex Market Preview video the Eur/Usd currency pair has basically been consolidating for two weeks and may even be setting up a bullish price pattern called an ABC Price extension or A to B = C  to D, regardless of what you call this pattern it is very important to know how to trade this pattern.  Price must close above the b point which is the swing point after an impulse move.  Some traders fail to properly trade this pattern by buying for example when price breaks the b point, this can be dangerous it’s always important,  and in a traders best interest to wait for price to close above the swing point.

You may be asking yourself why price closing above the b point is so important, one of the reasons is by not waiting for a price to close above the b point it could just be spiking the swing point and setting up a double top reversal trading pattern and start to retrace back down to a key Fibonacci price level or even the lower swing point of the impulse move.

 

Forex Market Preview for the  British Pound vs U.S. Dollar for the week of May 5th – May 10th

In this weeks Forex Market Preview video when discussing the British Pound vs U.S dollar I show how the Pound has two ABC price pattern and they are completing at a 50% Fibonacci price level.  When looking at the British Pound price chart with the Macd indicator applied to the chart with the standard settings 12,26 and 9 we can see that the bulls are still in control as of this weekend.  This week I will be watching carefully to see if price can breakout and move higher or if price will respect our confluence channel that I showed in the Forex Market Preview video.

 

Forex Market Preview Video

 

 

 

 

 

 

Weekly Forex Market Forecast April 21st – April 26th

Weekly Forex Market Forecast this will be covering the Euro vs U.S. Dollar as well as the British Pound vs U.S. Dollar.  Last week in the Weekly Forex Market Forecast I discussed why I felt both currency pairs covered would start to pull back.  At the beginning of the week the Euro had a possible false break top side, keep in mind the word possible, the euro must break  and close the 1.3000  before I  will say without a doubt it was a false breakout, but it sure looks like it at this point.

This week I will be paying close attention to the 61.8 Fibonacci price level as well as the 78.6 level and will be taking short trades in hopes of getting the runner that may go down to the 1.2200 level if the Euro can breakthrough the lower swing points that stand in the way.  The best part about getting a possible runner would be that the runner would be risk free with little chance of a loss once position as been scaled out.

Weekly Forex Market Forecast for the British Pound is slightly different.   I stated in the last Weekly Forex Market Forecast video I do believe the pound is headed lower just not sure if it will be able to break the lower swing point, if the pound does and heads towards the lower swing point on the monthly chart and breaks there will be other so called risk on currency’s  taking a hit as well.  I will be looking to short the Pound this week when I get intraday set-ups.

I forgot to mention in the Weekly Forex Market Forecast video to keep a close eye on the Vix index.  You may be asking yourself why, the reason is when the Vix is rising most ralleys will be short lived when trading Dollar crosses.

 Weekly Forex Market Forecast Video

Weekly Forex Market Forecast April 14th – April 19th

Weekly Forex Market Forecast for this week will have us paying close attention to the correlation in the British Pound vs U.S. Dollar currency pair and the Euro vs U.S. Dollar.  Back in January the British Pound was moving down while the Euro was still heading higher.  Most of the time both pairs move in the same direction, now it seems that the Forex pairs have come back into correlation over the last few months.

Weekly Forex Market Forecast Euro vs U.S. Dollar

I will be watching for signs that the ECB will act with some sort of stimulus, either interest rates, bond buying or some sort of exotic so called solution.  Now for the technical picture the Euro has pullback to the 38.2% Fibonacci retracement, this tends to be the first area of resistance after and big move.  I will be looking for one of two things.  Look for the market to retrace down test or break lower the swing point or to consolidate small pullback or sideways move and head higher up to the 61.8 Fibonacci Price level.

 

 

 Weekly Forex Market Forecast British Pound vs U.S. Dollar

This week the British Pound finally hit out I.B. Price target  that we called out in Previous Weekly Forex Market Forecast videos as well as the 38.2 % Fibonacci retracement level.  Macd is still indicating the bulls are in control, but Friday we had a slightly bearish candle if the Euro starts to pullback this currency pair may follow and retest the lower swing and or move lower.

 

 

 

Weekly Forex Market Forecast Video