VantagePoint Forex Weekly Outlook for August 21st, 2017

Forex Weekly Outlook

The Forex Weekly Outlook is designed to help traders remain aware of Intermarket correlations of global market relationships. You can become more profitable if you know how to get ahead of the trends and understand that these relationships can potentially expand your portfolio. Utilizing the predictive indicators and Intermarket relationships in VantagePoint Intermarket Software can help traders find the right trades and the right times to enter and exit those trades. Let’s look at the charts for the U.S. Dollar and the major pairs.

Forex and the U.S. Dollar

The U.S. Dollar Index is the backbone of forex trading. The bulk of the trades involves buying or selling the U.S. dollar. Understanding the movements of the individual market will greatly benefit forex traders as they will be able to better predict the movements of the pairs based on the IDX market movement.

Key levels and market movements:

The US Dollar has significant resistance around the 94 level. The VantagePoint indicators have failed to produce a buy signal, and this move appears to be corrective in nature. There is still continued political unrest surrounding the US and North Korea, which isn’t helping things. The pair needs to break above the 94 level and the software indicators need to support this move higher if the US Dollar has any sustained chance.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 93.478 and the VantagePoint PRSI is at 40.8 with a failure at the 60 level. The neural index is back at a “zero” position.

Forex Weekly Outlook for Major Pairs

The major pairs are where most forex traders trade the market. In the Forex Weekly Outlook we take a look at the most popular pairs analyzing price action, news events and/or risk off scenarios that could play a role in market movement, and a series of VantagePoint charts that best present information that can assist traders in determining where the market may move in the week ahead.

Euro/U.S. Dollar (EUR/USD)

Key Levels and market movement:

There is a significant trend line coming in at the 118 level, but the pair is holding above the critical VantagePoint level of 1.1729 so the upward pressure is still on the Euro pair. The indicators in the software are forecasting for continued Euro strength.

What do the indicators say?

The predictive 18-day moving average is 1.1729 and the PRSI is at 53.9. The neural index is at a “one” position indicating strength over the next 48 hours.

U.S. Dollar/Swiss Franc (USD/CHF)

Key Levels and market movement:

The pair is moving right along the trend line, but it continues to struggle. The indicators have all started to point down. The momentum with this pair has stalled, but in the indicators suggest it is coming in the very near future.

 What do the indicators say?

The PRSI is at a 42.5 and the predictive 18-day moving average is at .9654. The neural index is at a “zero” position indicating the potential for continued short-term weakness.

British Pound/U.S. Dollar (GBP/USD)

Key Levels and market movement:

The pair moved lower and traders should watch the 1.2800 area closely. If it holds, the pair can move higher. But the pair would move higher based on further US Dollar weakness, not British Pound strength. If the pair can retake the 1.2972 area, traders can look for a bigger move back to the range of the 1.3200 area.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 1.2972 and the PRSI is at 20.3

U.S. Dollar/Japanese Yen (USD/JPY)

Key Levels and market movement:

This pair remains difficult to trade in August. There is some trend line support coming in at 108.50, but this pair trades heavily based on a risk-on risk off environment. It will continue to be influenced by the conflicts of North Korea, plus the unrest within the White House. Traders need to continue to remain cautious with this pair and the whipsaw action.

What do the indicators say?

The PRSI is at 33.2 and the predictive 18-day moving average is at 110.246.

The Commodities Currencies

U.S. Dollar/Canadian Dollar (USD/CAD)

Key Levels and market movement:

The Canadian Dollar has come under weakness and has hit a resistance zone of 1.28 and it’s turning back to the downside from an overbought condition. If the Canadian Dollar has any chance of potential, the PMACD must get above the zero line. That isn’t happening.

What do the indicators say?

The VantagePoint predictive 18-day moving average is 1.2661 and the PRSI is 37.2

Australian Dollar/U.S. Dollar (AUD/USD) and New Zealand Dollar/U.S. Dollar (NZD/USD)

Key Levels and market movement:

For the AUD/USD pair, there is the potential for some great buying opportunities to happen during the week. The pair looks to be moving higher to the .8100 area and the VantagePoint indicators are forecasting that as well.

For the NZD/USD pair, it is very similar to the AUD/USD pair. It is testing the critical VantagePoint level of .7332. If the pair can push higher, it will be a very good long trade. There is heavy support around the .7200 level.

What do the indicators say?

For the AUD/USD pair, the predictive 18-day moving average is .7880 and the PRSI is 62.8.

For the NZD/USD pair, the predictive 18-day moving average is .7332 and the PRSI is 50.7.

VantagePoint Demo Weekly Outlook

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VantagePoint Trading Software has been changing the lives of traders for over 25 years with its world leading market forecasts for stocks, futures, forex and etf’s that are proven to be up to 86% accurate.

VantagePoint Software

VantagePoint Trading Software has been changing the lives of traders for over 25 years with its world leading market forecasts for stocks, futures, forex and etf’s that are proven to be up to 86% accurate.

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