Note: The S/R levels (AKA likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will likely NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
This week may prove to be a bumper week for economic stats and events.
We have at least 3 central bank rate decisions, 2 Brexit-related events, and key First World PMI stats, which are somehow rated low in some economic “calendars” out there. .
As usual, we’re going to re-state the obvious: it’s the not the QUANTUM of the numbers that is important, at least for scalpers. Interbank players will decide what REALLY happens immediately before and after the event.
Trends (when they exist) will USUALLY set the tone regardless of the number.
But for longer-term traders, do pay attention to the statements that follow and “vote” in the markets accordingly.
EURUSD is presently stalled below 1.1325-50, which we mentioned would hold going into last weekend.
But because traders are normal human beings who love patterns, keep a look out for attempts to make for the famous 1.1380 pivot. This weeks Brexit events and the PMI stats should provide plenty of opportunities for that.
Likewise, cable will be treading water around 1.3285 at least until the next Brexit vote in Parliament expected tomorrow.
The Aussie is back to testing resistance around 70.90 cents.
Similarly, USDJPY is just testing support around 111.45.