EURCAD Forex outlook

Weekly Forex Outlook: June 10

Hi traders, how’s the weekend going? I hope you had a good trading week! It certainly was an eventful week, with the UK elections as the main event on Thursday in addition to ECB meetings and a Senate hearing of ex-FBI director James Comey. These events made sure that it was a rather short week for me, without any trading on Thursday and Friday.

 

It was a relatively quiet week for setups as well. I only took two trades: the AUDNZD 4H long and the CHFJPY 1H short. The former had to be cut quickly since it didn’t really work out as planned (I suspect due to a very strong New Zealand dollar) but the latter worked out beautifully. I’m going to review the CHFJPY trade in a moment.

 

If you want to keep up to date on setups during the week, have a look at my TradingView page. During the week, I will often publish a chart setup over there as well if I think it’s worth looking at.

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EURUSD

Weekly Forex Outlook: March 26

Another week has passed, so we take the time to look at how the trading week went and at the same time, make our outlook for the next week. The past week had many reversals happening and many of the setups I indicated last week played out really well. We’ll have a look at some of these in a moment.

 

This week, it was a little harder to find good setups. We see less trending markets and if they are trending, they’re either in between S&R levels or just not trending cleanly. Nevertheless, I have selected some pairs I find worth looking at.

 

Current market behaviour

 

This week, we could see the USD continue its path downwards. Wall street might keep betting on the infrastructure and regulation changes that the Trump presidency has promised, but for now, we see a weakening dollar, indicating that the initial rally high after the inauguration has largely worn off. By now, Wall Street wants to see some concrete evidence – not some vague promises – in order to get the dollar higher.

 

For now, this is good news for technical traders. In the absence of political news, the dollar is respecting the technical elements more than anything. Price is also nearing a previous swing low, which should act as support and might give us new opportunities to buy the dollar next week, but let’s see.

 

Market overview week 25 March

 

Gold had a good week, ending quite a bit higher than last week and oil had another very skittish week, ending the week a bit lower after higher than expected crude oil inventories.

 

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XAUUSD

Weekly forex outlook: January 28

Hi traders! How was your trading week? I’m quite early with my weekly forex outlook this weekend. One of the things I’ve started to make a habit of (thanks to this book), is to get up early. It’s incredible what you can get done if you get up a couple hours earlier, it feels to me like I almost have an extra half day available to me!

 

The past week was relatively quiet. However, it still gave us excellent conditions for a couple of trade setups I was describing in last week’s outlook (see the past week trade review section below!).

 

The dollar initially moved lower but regained some of its losses in the second part of the week, ending pretty much where it started. As predicted in our previous outlook, gold saw a sell-off to below-1200 levels. Finally, oil crept up a bit higher but stayed mostly in the range it’s currently in.

 

Macro weekly outlook

 

 

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AUDUSD Forex outlook

Weekly forex outlook: January 21

It’s weekend, so I’m back with my weekly preview of the most interesting setups! Last week was a bit of a dud for me, with multiple setups either not materialising (AUDUSD, Gold) or being quite hard to trade (I’m looking at you, Theresa May and EURGBP). On the one hand, these situations make it clear how worthwhile it is to wait for confirmation before getting into a setup. On the other hand, it shows that being a trader is never easy! Last week ended in a loss for me, which happens. This is totally fine and only motivates me to keep on learning and improving!

 

The big news last week happened on Friday, with the inauguration of president Trump. Because Trump also gave an inauguration speech, I kept on the sidelines for most of Friday. The speech was quite moderate and the USD seemed to be relatively unaffected. However, let’s see how the market opens on Monday.

 


The dollar saw an initial increase in the first part of last week, but then gave some of its gains back in the second part. It seems that Gold is at a turning point (which I talked about in last week’s market outlook), but ended the week only slightly higher up. It still shows signs of a pending reversal, but it’s too soon to tell and I’d like to see the price move lower before taking action. Oil ended up higher last week, but the price seems to be ranging for now in search for a clear trend.

 

Market overview

 

 

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EURGBP Daily chart

Weekly forex outlook: January 14

Hi traders, hope you had a good week! There were definitely some nice setups in the market last week. Especially the EURAUD and AUDUSD reversals gave us some good opportunities to get into the market. News-wise, last week was relatively quiet. As it is the weekend again, I’m going through my routine of analysing the markets and selecting the best setups for the upcoming week.

 

But first, a short overview of what happened last week. The dollar sold off a bit more and it seems that a reversal of some sorts has finally set in (although it’s quite early to tell, it might still reverse to the upside again!). As the USD and Gold are inversely correlated, we could see a push higher for gold. Oil moved a bit lower.

 

Market overview

 

 

 

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CADNZD

Weekly forex outlook: November 20

Last week was the first week after the US presidential elections, and the markets are starting to settle in their old rhythm again. There were some big moves last week, and I’m happy to see that my weekly forex outlook of last week was right on AUDCAD and AUDNZD. The GBP pairs didn’t really go anywhere but sideways, but that’s the unpredictability of the market for you.

 

The upcoming week

 

Noteworthy economic news for this week is:

  • Monday: ECB President Draghi’s Speech
  • Tuesday: CAD retail sales / US existing home sales
  • Wednesday: US durable goods / US new home sales / US FOMC minutes / EU manufacturing PMI
  • Thursday: German GDP
  • Friday: UK GDP

 

Keep in mind that the US markets are closed on Thursday and will close early on Friday. This is due to Thanksgiving day.  A closed US market usually means that trading slows down a bit and might result in a bit more unpredictable price behaviour. Have a look here to find out more.

 

Also note that the US dollar has been quite bullish recently. This is party because of investors anticipating that the Trump presidency will stimulate the US economy, but also because the December Fed rate hike is now almost a sure thing. Some of the pairs below are reversal setups that imply a bearish US dollar, so I will be extra careful in picking my trades for those US pairs.

 

This week, I’m keeping an eye on the following pairs:

 

Follow my published ideas on TradingView.

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