Weekly Forex Review – 1st to the 5th of May

Welcome back traders to another edition of the Weekly Forex Outlook and Review, this edition this week for the 1st to the 5th of May Forex Market. Aspects highlighted this week in the review include highlighting potential opportunity areas, management points and target areas in the market.

Pairs and Markets Analysed this Week: GBPUSD, AUDUSD, NZDUSD, USDCHF ( 4 Hour ) GBPAUD ( 4 Hour ), USDJPY ( 4 Hour ), Gold, Silver and AUDNZD.

As mentioned in the review, I will not be analyzing Euro based markets this week in the review due to the upcoming second round of the French Election on the 7th of May 2017. I suggest anyone considering trading these markets this week ( Euro based markets such as EURUSD ) to trade with less risk than usual as well as not suggesting to not hold Euro based trades over the Election weekend.

Highlighting both high probability trend continuation zones and counter trend zones.

 
Above Video – Weekly Forex Outlook and Review for the 1st to the 5th of May Forex Market

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For more details on all the Training Series available at Forex Reviews click here.

nzdusd daily high probability trading areas

Above – Highlighting on NZDUSD this week that where the market is testing ( the 0.6870 zone area ) as a great area on this market to look for bullish evidence ( and potential bullish opportunities ) and a potential move to the upside from this area. Baring in mind that the 0.6870 zone area is a counter trend zone area on this market.

USDJPY 4 hour high probability trading areas

Above – Highlighting on USDJPY ( 4 Hour ) this week two potential zones:

  1. The 110.29 zone area as a potential area on this market to look for bullish evidence and a potential move to the upside from this area.
  2. The 112.11 zone area as a potential area on this market to look for bearish evidence and a potential move to the downside from this area.

Silver daily high probability trading areas

Above –  Highlighting on Silver this week a potential long term target area to the downside ( the 17.12 zone area ) for those holding sell trades on this market as well as an area to look for bullish evidence and a potential move to the upside from this area.

*Last week Silver was a great performer for those still holding sell trades from the 18.46 zone area on this market continuing lower.

AUDNZD daily high probability trading areas

Above – Highlighting on AUDNZD a potential long term target area to upside for those holding buy trades on this market as well as a great area on this market to look for bearish evidence and a potential move to the downside from this area. That area is the 1.10 zone area.

What Broker Do I Use?

A common question I get asked at the website is what broker I use to to trade the Forex Market? In this video here I answer that question.

Midweek Forex Reviews

Come back and check below for potential upcoming Midweek Reviews ( video or comment updates ) in the week ahead.
They will be added below. Have great trading week everyone and Happy Trading.

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.

Comments

  1. Nice review, keep doing the good work, what’s your take on USDCAD? Same as you analyzed last week yeah?

    • Thanks for the feedback Fred.
      My bias has changed on that market now that price action ( full candle close above ) has broken and closed above the 1.3567 zone area. Now that this market has done this, my bias has changed to if the market pulls back and tests the 1.3567 zone area that this is an area where I am interested in looking for bullish evidence on this market and a potential move to the upside from this area.

      Above – USDCAD Daily showing the 1.3567 zone area as a potential bullish evidence pullback area on this market – click chart screenshot for larger view

  2. Thanks Timon for your ongoing reviews.

  3. Thank you Timon for an excellent weekly review. Grateful to you for highlighting GBPUSD last week. Looks like a start of a longer term trade which may give a good risk to reward outcome. Cheers mate. JOhnR

  4. Thanks Timon for the review!
    Also, I wanted to let you know that my trading has been going excellent ever since I started trading The Candlestick Training Series method. I have now had 4 profitable weeks in a row.

  5. THANKS TIMON, WOW GREAT REVIEW! LOOKS LIKE WE CAN MAKE A LOT OF MONEY THIS WEEK.
    WHAT DO YOU SAY ON GBPNZD, WILL IT GO DOWN?

    • You’re welcome Toby, thanks for the comment.
      Below is my current chart view of this market, this market has been very strong lately, however I am expecting a potential pullback to the downside soon on this market.

      Above – GBPNZD 4 hour chart – click chart screenshot for larger view

      Above – GBPNZD 4 hour chart zoomed out – click chart screenshot for larger view

  6. Hi Timon, thanks for the review. It is appreciated. Have a great trading week.

  7. what is eurusd

    • Hey Bayasaa,
      I assume you mean where is EURUSD? I did not cover that market this week in the review due to the upcoming second round of the French election ( 7th of May ).
      Regards,

  8. Coen Dekker says:

    Dear Timon,

    I am trading on Zulutrade. Last week I lost very much money. Now I have still manyshort positions open in GBP/USD. I hope so that tonight it will go down. Do I have to worry about this? When it goes back to 1,2675 everything will be allright. In that case I will even earn some money.

    Kind regards,
    Coen

  9. Thanks a million for your weekly review. Much appreciated.

  10. Thanks a million for the weekly review. Much appreciated.

  11. Hi Timon,
    Thanks for weekly reviews.
    Great video again.

  12. Robin Dowd says:

    Thanks Timon, Very well done. Thank you for your time and knowledge.

  13. Cassandra says:

    Hello,
    The Engulfing Trader course and your weekly communications, articles, etc. are awesome..! Have you considered a Forum or something similar (per a community of traders, posting trades, etc.) for those of us who have purchased your course/s. Just curious..:)

  14. Thanks Timon for your weekly review
    keep going

  15. Forex Update: I wanted to update and let you all know that this week was a low trade week for me as some zones did not hold ( some of the areas highlighted in the recent review ). This was partly due in my opinion to the upcoming second round of the French Election causing some unpredictable moves in the market.

    One market that performed well this week that I did trade was GBPAUD 4 hour ( screenshot below ) which gave a strong move higher from the 1.7130 zone area.

    Above – GBPAUD 4 hour – click chart for larger view

    • Update on GBPAUD: This market recently hit the long term target area( 1.7626 zone area ) shown in the screenshot in the above comment review update. A good example of a recent trade that performed well, as well as making it to it’s full long term target.
      Regards,

  16. HI TIMON! THIS WEEK IS NOT GOING TO BE A WEEKLY REVIEW? THANKS

    • Hey Robert, there was no review yesterday because of the French Election.
      I most likely will do a Midweek Forex Review ( video ) now that the election is over in the next day or two.
      Regards,

  17. Hi Timon,
    Sad that you didn’t give your review this week, I really like the way you see the market.
    cheers

  18. Forex Update: USDCAD is pulling back to potentially retest the 1.3566 zone area soon on this market, a potential continuation zone area on this market. This is a great area on this market to look for bullish evidence and a potential move to the upside from this area.

    Above – USDCAD Daily – click chart screenshot for larger view of this market

  19. Forex Update: AUDUSD is getting close to testing the 0.7327 zone area, a potential bullish evidence area on this market. This is a great area on this market to look for bullish evidence and a potential move to the upside from this area. Another zone I would like to highlight on this market is a potential pullback area which is the 0.7492 zone area which is a great area to look for bearish evidence on this market and a potential move to the downside from this area.

    Above – AUDUSD Daily – click chart screenshot for larger view of this market

    • Chris Nash says:

      Nice! The preferred area being to wait for a sell opportunity around the .74927 area as the market is trending downwards on the daily right? Also notice it’s not far off the bottom bollinger band on the weekly. Could be better to look for bullish evidence there ?

      • Hey Chris,
        Thanks. Yeah, based on the trend of that market at the moment the 0.7492 zone area is the more preferred area to look for evidence, however the 0.7327 zone area is an area that has acted as strong support and resistance multiple times in the past looking left.
        Regards,

  20. Timon,
    What’s the best Leverage to use ?
    and on icmarkets what’s the difference between a standard account, and a true ECN account.

    Regards

    Mark.

  21. Nice! The preferred area being to wait for a sell opportunity around the .74927 area as the market is trending downwards on the daily right? Also notice it’s not far off the bottom bollinger band on the weekly. Could be better to look for bullish evidence there ?

  22. Hi Timon,
    Many thanks for your great reviews. I watch it every week.
    What do you think about gold for this week and next week as well?

    Regards
    Victor

  23. Cassandra says:

    Hello,
    I purchased your Engulfing Trader course previously, and recently purchased the 5 Day Trend Trading Series…awesome job on both..!

    Happy Trading,
    Cassandra

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