*Official* Forex Trading thread. (DYODD advised) - Part 2

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Mr. Wood

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Weekly Forex Market Outlook: (JAN 29-FEB 2, 2018)
EURUSD

Technical Outlook: The EURUSD rose to a fresh 4-year high last week as the U.S. dollar weaked and the ECB’s monetary policy did saw the central bank leaving monetary policy unchanged. However, the brief rally was quickly met with price retracement. By Friday’s close, EURUSD was seen consolidating near the 1.2423 level. We expect this consolidation to continue in the term as it could potentially form a bullish flag pattern. An upside breakout could see EURUSD extending further gains. But there is a risk as the rally has seen little retracements in the near term. Therefore, we expect a downside correction towards 1.2284 in case the bullish flag pattern fails. To the upside, price will need to rise above the previous highs posted at 1.2500 to post further gains.

Fundamental Outlook: The markets will be heading into the end of January and data from the Eurozone will focus on the economic performance for the first month of the year. The week ahead will be marked by preliminary CPI data from Germany, France and Spain. This will potentially suggest the state of inflationary pressures for the Eurozone during the month of January. The flash GDP estimates for the fourth quarter of 2017 will also be released this week. However, this poses no risk as the Eurozone GDP is expected close at a record high. Flash estimates are also expected from France and Germany during the week. On Friday, the flash PMI numbers will be confirmed with the final manufacturing and services PMI numbers for January.
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Mr. Wood

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Weekly Forex Market Outlook: (JAN 29-FEB 2, 2018)
GBPUSD

The GBPUSD bullish run reached new higher grounds extending above the big psychological number 1.4000. Now we should expect any sell of below 1.4000 to be faded if we want to bullish trend to remain intact. However, a daily break and close below 1.4000 will set in motion a much bigger retracement that can possibly send GBPUSD as far as 1.3850 the first significant support level.

On an intraday basis the first area of support comes at 1.4040. On the upside, the first level of resistance comes at the last week high around 1.4315 which has high chances to hold as the current trend has run too fast in a very short period of time. The stochastic indicator is in neutral territory and doesn’t provide us with any clues to the possible next move. The UK economic calendar will only bring only some modest risk events that can generate some volatility. On Tuesday we have BOE’s Governor Carney speech which can potentially drive GBPUSD. From the other side of the monetary policy spectrum we have plenty of other risk events. On Wednesday, we have the Fed interest rate decision and according to the market consensus the interest rate policy should be left unchanged.
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Mr. Wood

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Weekly Forex Market Outlook: (JAN 29-FEB 2, 2018)
USDCHF

Technical Outlook: The USDCHF currency pair broke down below the 0.9455 level of support. However, the Stochastics oscillator is strongly in the oversold area which could indicate a rebound. Price action could be seen consolidating around the current lows. A move above 0.9455 will however signal the potential for a correction towards 0.9741. To the downside, in the event that price action continues to decline further, then we could expect to see USDCHF testing the next support level at 0.9270.

Fundamental Outlook: Economic data from Switzerland is light with only the retail sales numbers coming out. Most of the volatility in the USDCHF will be driven by data from the U.S. which looks to a rather busy week ahead. Starting with the core PCE price index, the data will set the tone for shaping expectations from the Fed on its next rate hike. On Wednesday, the FOMC meeting is scheduled. No changes are expected at this meeting and the Fed is likely to maintain a neutral tone. On Friday, the monthly economic data will be coming out. This includes the U.S. ISM manufacturing PMI followed by Friday’s non-farm payrolls report for the month of January.
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Weekly Forex Market Outlook: (JAN 29-FEB 2, 2018)

USDJPY

Technical Outlook: The USDJPY finally extended the declines to the downside as price action touched down to the 108.43 support level. Off this level, we could expect to see a modest rebound taking place. USDJPY could remain range bound within the 110.66 resistance and 108.43 support. A breakout from either of these levels will signal the next leg in the direction of the trend. However, the bias is looking to the upside and we expect USDJPY to potentially retest the resistance level at 110.66 – 110.91 level. A breakout above this level could potentially keep USDJPY biased to the upside for further gain towards 112.07.

Fundamental Outlook: Data from Japan this week will focus on the unemployment rate numbers that will be coming out on Monday. The unemployment rate in Japan fell last month to 2.7%. although this was good news for the Japanese economy, the lack of wage pressures saw a muted reaction from the markets. The BoJ is pinning hopes that the shirinking unemployment rate could eventually push wages higher as the labor market conditions become tighter. We will also see some consumption data as the retail sales figures will be released. The BoJ’s measure of core CPI will be coming out on Tuesday and could offer a glimpse into the inflation data for the economy. Later in the week, the final manufacturing PMI numbers will be released.
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Mr. Wood

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Weekly Forex Market Outlook: (JAN 29-FEB 2, 2018)
USDCAD

The USDCAD has another attempt to break lower and it finished the week near the lows suggesting that this move has some more room to the downside. We can’t exclude the fact that USDCAD can also try to fill in the last week price range but in order for that to happen we need any break below last week low 1.2280 to quickly fade away.

On the upside the first resistance level comes at 1.2350. A break and a daily close above 1.2350 will open the door for a much deeper correction and a possible attempt to retest the big psychological number 1.2500. The stochastic indicator is already in oversold conditions so early in the week we can expect an attempt to rally. There is no major risk events scheduled on the Canadian economic calendar. However, on Friday we have the US Non Farm Payroll figure that is the main risk event of the week. The US economy is expected to only add 175k new jobs versus 148k previous reading.
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Mr. Wood

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Weekly Forex Market Outlook: (JAN 29-FEB 2, 2018)
AUDUSD

The Aussie broke above the big psychological number 0.8000 and even posted a very strong close above it. The current bullish trend has run very fast without AUDUSD being able to post a meaningless correction. Next week we can see the AUDUSD try and retest the round number 0.8000. Only a daily break and close below it can suggest a bigger correction is in play.

On the upside last week high should only act as a minor resistance as we could see a break above it before the sellers to really show up. The Stochastic indicator is already in overbought territory, which suggests the upside should be limited for this time. The Australian economic calendar will bring some heavy risk events that can be the catalyst for some volatility. On Wednesday we have the CPI inflation figures which based on the market consensus we should expect a flat reading. On Thursday the Trade Balance figures are scheduled to be released and traders need to pay attention.
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Mr. Wood

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jayeshkris said:
I am looking at like what courses to take up for forex trading or any professionals can advice what kind of strategy is good for consistency in trading....
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go around look and talk to different brokers. MBKE, IG, Phillips, OCBC, etc.
Find one who can click with u and willing to give u TA and FA updates regularly and give you free trainings and seminars.

more independent ones got to www.babypips.com under education can learn a lot.

no need waste money go for courses.
 
Mr.Canberra

Mr.Canberra

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AI zai lah. Simi course will not make you good trader.

Just like tech start-ups you must mingle with like minded individuals to explore ideas. USA lah. :s13:
 
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