Forex Signals Brief for May 7: The Majors Continue to Fire
Rowan Crosby • 2 min read
The majors and USD have been the key drivers in the forex markets of recent times. The dollar rally has been strong and we have some important data points this week which might add to the momentum.
Last week saw a strong performance from the FX Leaders Team. We finished the week 12 and 4 which is a great result. That’s a 75% strike rate and our accounts are looking very healthy.
Currently, we are still in our EUR/CHF and GBP/USD positions. On Friday we took a couple of trades in the majors with the AUD/USD and GBP/USD finding some profits.
It’s another busy week ahead and we’ll also hear from both the BOE and RBNZ so the majors are sure to be in focus.
Forex Signal Watchlist
NZD/USD – The Kiwi is set for a busy week as the RBNZ meet. We will be trying to trade around any new developments.
GBP/USD – We found a nice short on Friday and will be looking for some more as the momentum remains strong.
Live Forex Signals
GBP/USD – Attacking Support
We are pretty happy with how this signal is tracking so far. Late last week we tagged 1.3500 and I am looking forward to a big attempt at a break of this level. There is plenty more left to run in this signal. The take profit target is at 1.3237 in our long-term position.
EUR/CHF – Range Bound
The EUR/CHF has been quite range-bound so far and hasn’t really managed to make much progress this week. The chart appears to be setting up as a bullish flag or pennant type formation. I’ve liked this setup for a while and we are just waiting for some volume to come back into it. The take profit target is at 1.2003.