Weekly Forex Market Update & Key Levels April 4th – 8th

WEEKLY FOREX UPDATE

EURUSD – The Euro made a nice run up to the as anticipated 1.1480 level from last weeks market commentary. We could see some some strong selling pressures at these levels from support and resistance traders. I will also be eyeing this level for any good entries to go short. I love shorting the Euro!

EURUSDWeekly-20160403

US30 – The Fed mentioned that they “would proceed cautiously” regarding any changes to the interest rates. Yet, another sign that the Fed has no clue what they are doing. The market took this as great news and broke through our trend line that we mentioned last week. This is exactly why we never trade with 100% conviction, markets are purely manipulated by the agents of the Fed. Next question to ask is whether or not the market will break through the November 2015 high.

US30Daily-20160403

WTI – What an Awesome call. Oil down huge last week! I hope you traders took advantage of this move down. Oil was clearly overbought and now selling off. Oil inventories continue to pile up and I expect oil prices to be lower in the next couple weeks/month.

WTI_K6Daily-20160403

Good luck this week. If you have any questions please leave a comment below. Safe trading!
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Chris Ferreira

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