Week Ahead

Discussion in 'Forex' started by nycfxproptrader, Apr 19, 2004.

  1. USD looks like it could be weak this week._ Talk of no interest rate hike in the US in June, like some people thought and caused the USD to go up big. Spain pulling out of Iraq, Israel killing another top hamas leader, Snow making remarks about letting the currency market dictate exchange rates (JPY), weak US numbers out on Friday, greenspan talking Tuesday and Wednesday with expectations of him making comments on rates ( what if he makes no comment), expectations of decent numbers coming out of Euroland, strong UK personal income numbers last week plus MPC minutes and inflation report out tues/wed, _PLUS G7 meeting this weekend._ Should be a very active and news driven week.
    Of course the USD weakness game plan depends on the numbers BIG economic numbers due out this week in the US, Fed beige book and durable goods orders, have a game plan if the US numbers are strong and the EUR weak. One game plan could be a sell off in the USD until a Wednesday turnaround from the Beige Book.
    From a technical perspective, as long as the EUR/USD stays above the 200 MA it should be a buy on pullbacks. The USD has sold off a bit after the numbers on Friday. Do your measurements for a fib bounce from the recent highs/lows, that should be the nearterm levels to look for thoughout the week, 1.2125 on the EUR/USD and 1.8170 for the GBP/USD from the hourly chart. If we take out the lows look to measure the move to see where support could be, in the EUR/USD that would be the 1.1650 level.

    Be prepared, know what numbers are coming out and came out, have a gameplan for different scenarios.
     
  2. Good open trading diary/ledger.

    So, why is the USD at the current price of 1.1918?

    to
     
  3. jrs3

    jrs3

    ((nycfxproptrader))

    Sounds like you have everything figured out.