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 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

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 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 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

Weekly Forex Market Forecast this week we will be covering the Euro vs Yen.  The Eur/Yen has been on a strong bullish run since August 2012 so I would expect some type of pullback around theses levels.  In previous Weekly Forex Market Forecast videos I have been looking for the Eur/Yen to pullback, but the pair never really seemed to get any traction to the down side.

This week I will be keeping my eye on the swing point made on February 25th.  That day had a swing from high to low of roughly 700 pips.  Both the high and low of that day may act as support and Resistance.  The high of the candle on February 25 has already been tested.  If and when the lower price gets tested it will be important.  Price will either bounce or slice through and finally start to retrace.

In previous Weekly Forex Market  Forecast videos is have showed how the 38.2% Fibonacci retracement level tends to be the first price level where a currency pair may start to stall and either go sideways or pullback.  The Eur/Yen has done just that on the weekly chart.  Now it”s time to see the Forex pair can pullback to the 38.2% retracement.

Weekly Forex market Forecast Video

Forex Market Preview this week will be revisiting two prior Forex market Preview Forex videos that we posted over the past few weeks.  The first currency pair we are going to cover will be the U.S. Dollar vs Canadian Dollar.  Back on March 3rd in the Forex Market Preview video I discussed the Usd/Cad Forex pair and the reasons that I thought the pair would see a pullback.  We have now started to see price decline as expected, I must be honest I thought it would have started the pullback several days ago.  I am longer term bullish on this currency pair so that is why I am playing the short side with smaller target and is the reason for scaling out a larger percent of my trade at the 38.2% Fibonacci retracement level.

The second Forex Pair that will be covered in the Forex Market Preview is the British Pound vs the U.S. Dollar just last week in the Forex Market Preview video I gave everyone my game plan for this currency pair.  This week not only did the Forex Pair (gbp/usd) form a hammer candle but, it also had an inverted hammer near a low and gave us the Macd bullish cross that we have been waiting for letting us know that the bears were running out of steam.  Now that we are in a Risk Free Trade we can let the market work its magic.  I am expecting the currency pair to make it’s way up to the 38.2% Fibonacci retracement level.  Once price reaches that level pay attention and expect a pullback, we may or may not get the pullback back, but if we plan for it we will be able to act quickly by having a plan in place before the market gives us a signal.  You may be asking yourself.  what if the Pound does not pullback ?  My answer to that is we are already in a runner, most of the time though tops and bottoms are not put in place by one candle or one swing point as we have covered in the Forex Market Preview over the past.

 Forex Market Preview Video

Weekly Forex market forecast this week  will be covering the British Pound vs the U.S. Dollar.  Over the past few months we having been plotting  possible reversal levels for this currency pair, but price has not not been able to confirm any of those price levels.  Each time we reach a possible reversal zone price just slices through that level and never looks back.  This is why I always say just because we have a price level weather it be a confluence zone,  support or resistance level we must have price confirm the level before we take a trade.

On February 3rd in the Weekly Forex Market Forecast “Forex Market Preview” we were talking about the Pound bouncing off the 127.2 Fibonacci price level but that the bears were still in control on a momentum basis.  The way we could tell this was by looking at the Macd indicator using the basic setting of 12,26 and 9.  Now today we have a lightly different view yes Macd still has a bearish cross of the fast and slow line, but now  they are closer together and in oversold territory.  If we get any bullish price action this week Macd is likely to shift to a slightly bullish reading.

If price gives us a bullish price pattern as stated in the Weekly Forex Market Forecast video I will be looking to scale out and at least take my runner to the 38.2% Fibonacci retracement level.  Keep in mind the trades I speak about in the Weekly Forex Market Forecast video “Forex Market Preview” are not trade recommendations. These are  just trades that I may be taking. in the coming days or weeks.

If there is a Currency pair you would like me to cover in next weeks Forex Market Preview please send me an email and I will make sure to cover that Forex pair in the next Weekly Forex Market Forecast video.

Weekly Forex Market Forecast Video

The Forex Weekly Forecast video for this week will be covering the U.S. Dollar vs Canadian Dollar.  On a Weekly chart this Forex pair has been in a consolidation pattern for about 3 years.  When the currency pair decides to breakout the move could be very large.  One thing to keep in mind like I have stated in previous Forex Weekly Forecast videos is that the longer a currency pairs consolidates the larger the move is likely to be.

The U.S. Dollar vs Canadian Dollar  may be setting up  at nice reversal zone.  The currency pair has made more than a 1-1 move meaning it has completed more than a 100% AB  = CD Price pattern.  Macd is in overbought territory but has showed no signs of weakness yet.  I am not looking for a huge pullback just a nice traceable pullback that may set-up a bigger long term swing trade to the upside.

Last week in the Forex Weekly Forecast video I stated that the British Pound vs U.S. Dollar may want to bounce but it would take Macd several days to work off the downside momentum. All last week I was watching the gbp/usd Forex pair and I saw that the Pound was holding up well compared to the Euro that was being trashed most of the week, but when I woke up Friday and saw how the market was reacting to the pounds news I knew it was not ready just yet.  Keep the British Pound on your radar for a possible tradeable bounce coming soon.  Next week I will be covering the pound in the Forex Weekly Forecast video.

Forex Weekly Forecast Video