Weekly Fundamental and Trade Setups Nov 28- Dec 02, 2016
Bullish price action of USD indicates Trump’s rally on USD still in play. Market expecting a positive US GDP report and handsome NFP report though, the impact of NFP is not a matter anymore as December 14 rate hike on the table. Pressure from upcoming fiscal policy of Trump’s administration is the real deal for FED now.
Market heavily expecting oil output freeze from OPEC meeting in this week. But the situation with Iran and Saudi Arabia is more complicated than ever. And Iraq already mentioned to make an exception for them! So, I am not much optimistic right now. But Oil would be volatile whatever the decision comes.
Retails crowed position changed significantly in EUR, JPY, AUD, NZD.
No doubt US GDP and NFP will drive the Dollar and expecting no surprise from BOC, RBNZ and RBA . OPEC, GDP and Job data would make CAD more volatile this week.
(All Candles are D1 Candle and charts are from FxPro, your broker might have a little different price)
EURUSD moved lower and hit the full TP target. First at 1.07124 and then the KEY Support 1.0520. Now this is the time EURUSD could retreat the previous support 1.07124 or 1.08247. I will be short again if price can break the KEY support 1.0520 by closing reaction.
Or, from 1.08247 area (after a closing reaction). Until then, enjoy the Christmas.
GBPUSD made support at 1.23317 by price action. And confirmed the bullish price action till next resistant 1.2794. Though I will take out of my first position before the new minor resistant 1.26734
Full potential of GBPUSD is 1.31188 but before that we must need a price action breakout of 1.2794
EURGBP broke the previous support .86262 clearly and took my first TP. But potential target is Major Support .81165 (previous Major resistant) though I will be out before minor support .82489.
Still around 200 pips available. I will short again once there is a closing reaction below the present higher low trendline.
My first TP of 1/3 entries hit at .7385 at Stage 2 but I will take more position again once price move up and get a rejection of .75036 by bearish closing.
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