Forex Trading Tips - Week ahead of Apr 28, 2014


  • MACD and Slow Stochastics show balanced, two-way trade
  • Next week’s major data releases to create some volatility
EURUSD had been lackluster for the past two weeks. The pair consolidated in a tight range between 1.3790 and 1.3860. The volatility has fallen to a multi-year low. Eurozone CPI release and US economic calendar release next week should be more exciting. A break above near-term resistance at 1.3860 could result in an up move to 1.3900 or 1.3965. A break below 1.3790 may lead to a bearish down move to 1.3700 or 1.3670 support.

Upward Fib 78.6 resistance - is at 1.3903
Downward Fib 61.8 support is at 1.3672


  • GBPUSD failed break above 1.6820 last week
  • MACD is bullish. But Slow Stochastics is near overbought territory
  • Confirmed break above 1.6820 might lead to further gains next week
The pair tried twice to break out to a new 4.5-year high above 1.6820, but failed to close above that level on each occasion. The longer the pair struggles below 1.6820, the greater the risk of a sharp near-term pullback. The MACD is still signaling some bullish momentum, but the Slow Stochastics remain near overbought territory. If we can see a close above 1.6820, bulls will take it to 1.6900 or the 1.7000 levels.
  • MACD trending lower, nearing key “0” level
  • Potential for more bearish move next week, if NZ data comes in weak
NZDJPY is our currency pair in play next week, due to a number of major data releases out of both New Zealand and Japan. The pair has been consolidating in a tight range around 88.00 for the last two weeks. MACD has been trending lower for the entire month of April and is now approaching the key “0” level. A break below that level would increase the bearish momentum. For next week, we favor weakness in the NZDJPY on a technical basis, but economic data will be absolutely critical.
- By our Forex Order Management  research team. You can use the 'Forex Order Manager' along with any manual or  automated forex trading systems to maximize your benefits.