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Forex Trading Tips - Week ahead of May 5, 2014





EURUSD


  • EUR/USD dipped early before recovering back to the mid-1.3800s ahead of NFP
  • MACD and Slow Stochastics show balanced, two-way trade
  • Key resistance looms at 1.3900
A Weak US GDP caused a strong rally on Wednesday. Both MACD and Slow Stochastics are at neutral levels. Heading into next week, a break above 1.3900 resistance could open the door for a move toward 1.3960 or 1.4000 next, though the ECB may not allow the pair to rise any further than that.

GBPUSD
  • GBPUSD rally stretched to new 4.5-year highs last week
  • MACD still bullish, Slow Stochastics still near overbought territory
  • Potential for further gains toward 1.70 as long as 1.6840 holds as support
MACD shows that momentum is still on the side of the bulls, though the Slow Stochastics are nearing overbought levels. As long as the previous resistance, now turned support of 1.6840 holds, the uptrend will continue next week. 1.70 is the new psychological resistance. 
- 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.