Forex Chart Review and Forecast
Let’s review our Forex charts HERE, on, March 29th, 2018, in our Forex Signal and Forecast report, we were looking for a break down to 1.2280 which we had, however, we were looking for a push down to 1.2247 which didn’t come. This week we have the nonfarm payroll report and the push down to 1.2240 and beyond will most likely come this week, however, before that we will see retracement on EURUSD and DXY.
We can see that DXY is poised to retrace to 89.81 first and if it goes below this then the next level is at 89.31; considering the nonfarm payroll this week, we think it is possible that MM will position the DXY down at 89.31 before taking a jump up on Friday. This means we believe EURUSD will retrace up to 2nd liquidity pool at 1.23811, however, we are looking at shorts right now where it is positioned at 1.23446, in short, we are still short on EURUSD but looking for a good entry this morning.
Forex News Review
In today’s Forex Forecast and Signals, we start by reviewing our Forex economic calendar HERE, following reports can create volatility today:
- Markit Manufacturing PMI (CAD)
- Markit Manufacturing PMI, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies.
- ISM Manufacturing PMI (USA)
- The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector It is a significant indicator of the overall economic condition in the US. A result above 50 is seen as positive (or bullish) for the USD, whereas a result below 50 is seen as negative (or bearish).
- 6-Month Bill Auction (USA)
- Displayed in the calendar is the average yield on the bills auctioned by US Department of Treasury. Treasury bills are short-term securities maturing in one year or less.
- FOMC Member Kashkari Speech (USA)
- Neel Kashkari took office January 1, 2016, as the 13th president and chief executive officer of the Ninth District Federal Reserve Bank, at Minneapolis. In 2017, he serves as a voting member of the Federal Open Market Committee.
- RBA Interest Rate Decision (AUS)
- RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD.
Review our charts and follow them accordingly.
Play it careful and enjoy.