VantagePoint Forex Weekly Outlook for October 9th, 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 U-6 number significantly improved over the previous month and could be a game-changer for the US Dollar. This helped to send the Dollar higher and it’s set for another bullish move. The PMACD has crossed above the zero line indicating that the dollar is getting ready to rally.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 92.832 and the VantagePoint PRSI is at 66.4. The neural index is at a “one” position indicating continued short-term strength.

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:

The EUR/USD pair is starting to falter. It is the most-resilient pair against the US Dollar, but it might not be able to withstand the labor report. The PMACD is pointing lower as well. If the pair loses the 1.17 level, it is likely that the EUR/USD pair will be moving to the 1.15 area.

What do the indicators say?

The predictive 18-day moving average is 1.1801 and the PRSI is at 30.1. 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 has had significant resistance around the .9760 level, but now it’s pushing above it. This pair mirrors the US Dollar and is continuing to rise. If the pair breaks above that trend line, it will likely send the EUR/USD pair lower.

What do the indicators say?

The PRSI is at a 73.7 and the predictive 18-day moving average is at .9707. The neural index is at a “one” position indicating the potential for short-term strength.

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

Key Levels and market movement:

There is a consolidation area happening at the 1.3340 level. That area led to a 3% loss this past week.  The pair is now coming into some strong support zones around the 1.28 and 1.2950 area. If any pair can rebound against the US Dollar, it is this one.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 1.3271 and the PRSI is at 17.0.

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

Key Levels and market movement:

The pair has topped out around 113.30 level, but it is holding strong around the VantagePoint 8-day predictive moving average. If the pair can break above the 113 area, that indicates to traders that the pair is moving back up to the 114 – 115 area. However, traders should not forget about the N. Korea threats and the havoc it can cause with this pair.

What do the indicators say?

The PRSI is at 63.3 and the predictive 18-day moving average is at 111.994.

The Commodities Currencies

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

Key Levels and market movement:

This pair is also hugging the VantagePoint 8-day predictive moving average. Traders can be buyers down to the 1.2431 area, but the 1.2487 area will most likely hold for the upcoming week. Buying on dips is a smart play for the week. If the PMACD can break above the zero line, the pair will most likely be moving significantly higher.

What do the indicators say?

The VantagePoint predictive 18-day moving average is 1.2431 and the PRSI is 73.9.

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, it is starting to come under pressure with a very bearish close of .7763. Selling this pair on a retracement is a reasonable play. The pair is likely to move lower sooner rather than later.

For the NZD/USD pair, the pair broke below the .7150 level, which triggered a bigger move to the downside. This pair continues to be relatively bearish. Selling into rallies around the .72 level is a reasonable play.

What do the indicators say?

For the AUD/USD pair, the predictive 18-day moving average is .7864 and the PRSI is 21.4.

For the NZD/USD pair, the predictive 18-day moving average is .7202 and the PRSI is 26.2.

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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