Here is a copy of our Forex Forecast posted this morning. Our forecast was spot on today again.
Forex Chart Review and Forecast
Let’s review our Forex charts HERE, on, April 2nd, 2018, in our Forex Signal and Forecast report, we were looking for a breakdown of EURUSD after it reached into a liquidity pool that we called out to be at 1.23446. This is exactly what happened, EURUSD reached up to this level exactly and then started a drop as we had forecasted towards 1.22280 level; we saw a small retracement this morning to a bearish order block around 1.2314 and we now see a continuation of the bearish move.
We had called out that DXY would drop down to 89.81 and that is exactly what it did as well, it then started a bullish move; it is possible we will see a retest of 90 before we continue a bullish move on DXY. We are still looking for DXY to take another stab at 90.35 and break through that and then a further push beyond 90.54 (end of hesitation zone) with a goal to reach into 90.80 to start closing out a gap that still needs closing. Remember that this is the week of nonfarm payroll so the closer we get, the more positioning the MM will do, so keep your SL tight.
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:
- 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.
- GDT Price Index (NZD)
- The GDT Price Index, released by Global Dairy Trade, uses a weighted-average of the percentage changes in prices. GDT Price Indices are used to avoid the bias of a simple weighted average price, and to give a more accurate reflection of the price movements between trading events.
- 4-Week 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.
- API Weekly Crude Oil Stock (USA)
- API’s Weekly Statistical Bulletin (WSB) has reported total U.S. and regional data relating to refinery operations and the production of the four major petroleum products: motor gasoline, kerosene jet fuel, distillate (by sulfur content), and residual fuel oil.
- FOMC Member Brainard Speech (USA)
- Lael Brainard took office as a member of the Board of Governors of the Federal Reserve System on June 16, 2014, to fill an unexpired term ending January 31, 2026.
Review our charts and follow them accordingly.
Play it careful and enjoy.