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  • Sunday, 2 May 2021

    Forex Weekly Setups, 3rd May To 7th May 2021

    We are in the Month of May, bringing us to a bullish dollar according to the Forex seasonal data on Barchart DXY Data. this prepares us to study closer for buy signals on the dollar index  and benefit from the bullish dollar.

    Fundamental Analysis
    Looking into this week we are expecting a lot of Fundamental activities as most nations will be giving their fundamental data based on last months financial activities and performance. our fundamental outlook for this week is as follows


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    Wednesday:
    Employment Change q/q (NZD) - We are expecting a bullish NZD based on the countrys economic recovery from the Covid 19 virus. 

    Friday:
    Employment Change (CAD) - Awaiting Market Forecast....

    Unemployment Rate (CAD) - We expecting a bullish CAD based on the country's economic recovery from from the Covid 19 virus.

    Nonfarm Payroll (USD) - We are expecting a bullish USD as the given forecast is very low compared to the average range. we expect a value above 1000k, if below it will cause a strong sell on the dollar.

    Unemployment Rate (USD) - We expecting a minor impact as the forecast is too close to the average value.


    Technical Analysis
    Last week we saw the market closing with the dollar index closing in a bearish note which saw a strong selling pressure of more than 100pips on EurUsd and GbpUsd pairs respectively.

    UsdJpy
    The Dollar Yen pair managed to close on a bullish run last week which has given the pair an upper hand and currently heading towards the trendline support, we will be looking forward to an reversal move to the downwards before making more buy entries.


    EurUsd
    The Euro has been having an upper hand above its competitors before its had a quiet negative GDP growth for the past month which saw a very strong selling on the Euro and The Pound. we are currenty waiting for price to continue going down this week.



    XauUsd
    Gold has been in a bullish Trend the past weeks after it has found a support on the trendline confluence, we are currently bullish on Gold.


    GbpUsd
    The Pound Dollar pair will experience a lot of votality this week as this week will be impacted by a number of fundamental releases on the pound and on the dollar, we currently on a bullish run on the pound unless price breaks below the trendline.

    We believe that these weekly setups will help you improve in your trading, we highly recommend that you use proper risk management in all your trading.


    Sifiso Nkwanyana

    Author & Editor

    I hope you have recieved all the information you seek and thank you once more for browsing our website we hope to hear from you soon.

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