Hello Traders!
I’m going to keep it short this week, ECB Rate Change is coming out on May 2nd + US Employment Data is coming out on May 3rd. So needless to say, it’s going to be a wild week….
Thus, I’m not making any forecasts this week, the only thing that I will do is state the highlights of the week.
Monthly Chart
Weekly Chart
Daily Chart
H4 Chart
Commentary
The only 2 pairs that showed movement were USD/CAD and GBP/USD. Both AUD/USD and EUR/USD were pretty much stagnant the whole week, nothing special. This isn’t out of the ordinary considering that markets are basically waiting to see what will happen to the ECB rate change.
GBP/USD moved based on good GDP numbers on Thurs morning, for those of you that missed this event. Go on the 1 minute chart and go back to this news release. Price moved about 100 pips within 1 minute, and after that huge initial spike, price just consolidated between 1.5420 and 1.5470.
I wasn’t watching the USD/CAD closely so I’m not actually sure what caused it to move on Thursday, I’m guessing the move on GBP/USD was acting as a catalyst to force USD/CAD out of it’s consolidation channel which resulted in a stop hunt causing price to tumble downwards.
That’s all I have to say about this week. Like I said above, next week will be an interesting week since we have ECB rate change + NFP data.
Until next week, Good Luck Trading!
Brian