The difference between failure and success in Forex/CFD market will depend solemnly on what assets you trade each week and in what direction rather than the exact methods you can use to enter and exit your trades to determine.
It is a good idea to start the week with an overview of what is happening in the overall market and how these changes are being affected by macro factors, technical factors, and market sentiment. These are several key long-term trends in the market that can profitably capitalize on
The US dollar index has been virtually the same over the past week, with weekly volatility at its lowest since the last week of January. This weekly candle is almost a bearish bar and an inside bar. This usually means continuation, and we see a dominant downtrend here.
This suggests that we expect a fall in value for the US dollar in the coming week, compounded by a longer-term downtrend as the dollar recently traded below its 3 and 6-month levels.
Over the past week, we have seen the NASDAQ 100 index slide lower. However, despite larger price action, the technical picture remains bullish, with the support level at 1.2861.6 remaining intact.
No major resistance levels exist until 13735, so the price has room for an upward move.
The NASDAQ 100 index is still open to buying, yet traders should be cautious of some of the prominent players in the sector as they seem to be capitalizing on a tech surge recently. We may not see any strong bullish action here until after the next Fed meeting in May, which bulls hope will confirm the end of the current hiking cycle.
The EUR/USD currency pair formed a bullish in pin bar to end the week largely unchanged. Another bullish sign is that the weekly candle rejected the key support level at $1.0929. The bullish case is slightly weakened by a strong accumulation of resistance levels between $1.1000 and $1.1100 that hold their own.
The GBP/USD pair made a 10-month high at the end of the week, but the weekly candle was small. Another bullish signal is that the weekly candlestick is in a long-term uptrend.
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