<h3 style="text-align: center;"><strong>THE PREMIUM SERVICE
</strong><strong>The Home of Single-Lot Trading
</strong><strong style="line-height: 1.5;">www.weeklyfxdrivethru.com</strong></h3>
<strong>DATE: 05.04.2015
REFERENCE: #54
</strong><strong>BLOG: THE PREMIUM SERVICE</strong>

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<ol>
	<li><strong><span style="text-decoration: underline;"> INTRODUCTION:</span></strong></li>
</ol>
<span style="text-decoration: underline;">MY OVERVIEW OF THE FOREX MARKET:
LOOKING BACKWARDS, FORWARDS &amp; SIDEWAYS AT THE FX MARKET:</span>

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<span style="text-decoration: underline;">1.1 - LOOKING BACKWARDS:</span>

<span style="text-decoration: underline;">NON-FARM PAYROLLS:</span>

126,000 was last Friday’s (Good Friday) growth in Non-Farm Payrolls (NFP).
It was the weakest number in 15 months.
Unemployment Rate held at 5.5%.

It does appear that U.S. jobs data maybe starting to play catch up with some recent economic data indicators.

One month’s data however disappointing does not indicate a pattern, it may raise a few questions but despite all the quotes and reports and commentary that we are going to hear and read about over the next few days, I think that it is 100% certain that the FED under Janet Yellen (so to speak) take a much larger time horizon that one month when establishing FED monetary policy. The data will be noted however.

My own view is that it is consumer spending which is more of a concern. Consumer spending = growth. There is bugger all consumer spending of a consistent nature pretty well worldwide. This is where the attentions of central banks should be more focused as far as I am concerned.

However, with DEFLATION still a serious risk in many western economies, one must remember that central banks have no weapon to beat DEFLATION. It is simply an economic factor that central banks with all their history on monetary policies etc. cannot defeat and history proves this fact.

In any event, any FED SPEAK coming up in the next 10-14 days should not, in my opinion, swerve away from the highly publicized party line on policy.

From a Forex perspective the weaker data has possibly given us as traders an opportunity to buy USD at better prices given that we were brushing close to some key support and resistance levels. Better buying and selling prices look to be in play.

A word of caution though, we had the job numbers released on a day when virtually no one was at work. We still have holidays around the world through Easter until the open on Monday evening in Asia. We will therefore not have a 100% market until then. The U.S. is back tomorrow (Monday) but Easter Monday is a holiday in most of the world. Bear this in mind when establishing positions. My fear is that until Tuesday (EDT) we will still be liable to squeezes and false moves both higher and lower, which will trap retail traders.

<span style="text-decoration: underline;">GREECE:</span>

I am writing about the on-going saga later so I will reserve my comments until then.

<span style="text-decoration: underline;">OIL – YEMEN – IRAN:</span>

It’s all about commodities and we are certainly seeing how much the OIL price is integral to world economics.

The Saudi’s military operation in Yemen would appear to growing with more Arab nations becoming part of an Arab coalition force. By all accounts this will not be a smash and grab mission.

The nuclear deal stuck with Iran, potentially has the effect to flood the OIL market with another million barrels of OIL. This will not be instant, it will be a gradual increase but overall one has to think that more OIL into a market that is already over supplied will only add more downside pressure on OIL prices.

Traders of the CAD, NOK and MXN take note.

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<span style="text-decoration: underline;">1.2 - LOOKING FORWARDS:</span>

The RBA is my major interest for this coming week. There are lots of rumours out there that the RBA will cut again this week. The recent fall in Iron Ore prices has placed pressure on the Australian economy.

We also have the release of the FOMC meeting minutes on Wednesday. Given how, the market treated Janet Yellen’s press conference and the FOMC statement from meetings where these minutes originated, these should be seen as dovish once again. Nothing has fundamentally changed, but the market being as perverse as it is, will look for something that simply isn’t there. It is very frustrating as a trader but it is what it is. As I have said, nothing has changed and these minutes pre date all the recent data releases on the U.S. economy. I really do not know what to expect.

We have a lot of geopolitical news hanging around; GREECE, YEMEN, UK ELECTIONS to name but three areas that immediately come to mind. Bearing these in mind, it will not be an easy week to trade.

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<span style="text-decoration: underline;">1.3 - LOOKING SIDEWAYS (FOR GOOD MEASURE):
</span>

I still find trading conditions quite difficult. I seem to be moving forwards and then backwards to move forwards again. It is very, very frustrating.

I am hoping that USD weakness has given us the opportunity to trade from better entry levels moving forward. Central Bank divergence is still the order of the day and the FED will be raising rates this year. Despite all the comment, no one knows when; it is all speculation. The FED has to raise rates because they said they would and a back down would severely jeopardize future FED policy statements. Whether it is the right or wrong decision to raise rates who gives a feck. No one knows when the rate hike will come, but common sense says later than sooner this year given the fact it allows for U.S. economic data to turn around a little.

The PREMIUM SERVICE still moves forward in these sticky conditions, so I am obviously delighted. Like most traders, the PREMIUM SERVICE performance is different than last year. More trades and less income per trade, as trades are not kept “LIVE” as long. This is indicative of the “chop fest” market we find ourselves working within. I like thousands of retail traders out there want a break from the “chop fest”, I just cant see it for now unfortunately, sorry to disappoint.

&nbsp;
<ol start="2">
	<li><strong><span style="text-decoration: underline;"> WHAT’S ON MY MIND: -
THE FUNDAMENTAL TRADERS OVERVIEW:</span></strong></li>
</ol>
<p style="text-align: center;"><strong>DOES MERKEL HAVE THE BALLS TO RISK A CONTAGION?</strong></p>
Here it is at last, the alleged crunch week in the history of GREECE versus the EUROGROUP.

I have read and listened to so much recently about the Greek situation of late, that, I must admit that I feel a little punch drunk.

As I understand it, the Greek government has to make the following payments: -

APRIL 9<sup>th </sup>- €458 million to the IMF.
APRIL 14<sup>th-</sup> Government salaries.
MAY 1<sup>st</sup> - €200 million.<sup>
</sup>MAY 12th - €763 million.

Even if the Greek government borrow money, they only see additional inflows this year of €6 billion from a clampdown on tax evasion and the like. I remember reading a while back that an un-named Greek government source stated that no matter what Athens needed a further €19-20 billion just to stand still.

We are down to the wire.

The numbers just do not stand up and this may be the week that sends the financial markets into a tailspin.

You read so much about how small Greece is with regards to the overall EUROZONE picture. Make no mistake a Greece default will be big news. I cannot imagine that any government wants to be in charge presiding over a default, but I feel that the Syriza party may be one of the few that does.

Are the printing presses running printing drachma once again?

Who knows, if they are, it is very closely guarded and very well kept secret. Look for clues like capital controls. If they are introduced, I fear we are down a road of no return.

I wrote last week about TRUST between GREECE and the EUROGROUP. There is no trust on either side and to a large extent if the TRIOKA bump up the cash to GREECE we are only kicking another can down the road.

The consensus of opinion looking at numerous reports is that Greek debt is around €323 billion, broken down as follows: -

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GREEK-DEBT-BREAKDOWN-05042015.png"><img class="aligncenter size-full wp-image-5678" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GREEK-DEBT-BREAKDOWN-05042015.png" alt="GREEK DEBT BREAKDOWN 05042015" width="289" height="434" /></a>

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I have written before that GREECE needs debt relief and even though this means that other countries inside the EUROZONE that have received bailouts before should also be reimbursed, if Germany wants a EUROPEAN UNION through thick and thin it needs to dig deep and do the right thing.

The Germans forcing austerity down the throat of an economy that simply wasn't ready or able to cope with austerity is partly to blame for the present situation that Greece finds itself in. My thoughts here though, are that it would be potentially political suicide for Angela Merkel, if she bails Greece out. Merkel is caught between a rock and a hard place. She is damned if she does and damned if she doesn't. The whole of the EUROZONE will suffer if she doesn’t bail Greece out, as the debt that Greece owns is well spread throughout the EUROZONE. At the same time if she decides to let Greece default the ramifications for the EUROZONE could be more drastic.

As a master politician, Angela Merkel has presided over many a can kicking, and avoided tough decisions one after another for the past 7-8 years, but for her, the line in the sand is fast approaching.

Does she have balls? Will she stand up to have - No more “can kicking”, and give full-on debt forgiveness to keep the union alive.

It all depends whether she can sell debt relief as the best of the two options available for the good of the EUROZONE.

Can you hear the printing presses? If I were Tsipras, I would have had the presses running for sometime. You cannot count on the Germans to do the right thing.

Lets look at some possible outcomes that could be with us very, very quickly if the EUROGROUP stall or a Greek default occurs and a Grexit is announced: -
<ol>
	<li>Capital controls in Greece.</li>
	<li>A potential run on the banks probably across parts of Europe, in particular the periphery.</li>
	<li>Possible Capital Controls in periphery banks as rumours of more potential exits of the EUROZONE hit the newswires.</li>
	<li>Emergency ECB measures on movement of monies throughout the EUROZONE.</li>
	<li>Emergency ECB measures for EUROZONE state banks to hold monies overnight.</li>
	<li>ECB bank guarantees throughout the EUROZONE.</li>
	<li>Huge uncertainty in GREECE as the Greek people protest, riots in Athens.</li>
	<li>The blame game between Athens and the EUROGROUP reaches new levels over who didn't trust whom, causing political uncertainty in other EUROZONE countries. Stability is threatened.</li>
	<li>We have a contagion effect.</li>
</ol>
The one thing that you can guarantee is that any EUROZONE “madness”
however it manifests itself, will be blamed on the Greeks as all that EUROZONE politicians are effective at is appointing blame, they are certainly not problem solvers.

If there is an eleventh hour solution it will probably be yet another fudge by Merkel to buy time so that the EUROZONE central banks can offload a potential future Greek default situation into the ECB

The decision this week is very simple but the risks are high…..

The EUROGROUP has to decide; “<span style="text-decoration: underline;">a UNION or not a UNION”</span>.

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<ol start="3">
	<li><strong><span style="text-decoration: underline;"> THE PREMIUM SERVICE:
</span></strong></li>
</ol>
<strong><span style="text-decoration: underline;">SUMMARY OF PERFORMANCE:</span></strong>

&nbsp;

<span style="text-decoration: underline;">3.1 – OVERVIEW and SUBSCRIPTION PRICING:</span>

For new readers who may not be aware, I refer to the PREMIUM SERVICE quite a lot in this blog and for more details about what it is, and, how much it costs, you will need to go the welcome page of <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a> At the top of the page there are three drop down menus: PREMIUM SERVICE, PROMOTIONS (if available), SIGN-UP and DISCLAIMER. Further details and how to join are all contained there. You will need at PayPal account to subscribe.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PS-SUBSCRIPTION-COSTS-05042015.png"><img class="aligncenter size-full wp-image-5668" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PS-SUBSCRIPTION-COSTS-05042015.png" alt="PS SUBSCRIPTION COSTS 05042015" width="380" height="473" /></a>

<span style="text-decoration: underline;">3.2 - SUMMARY OF PERFORMANCE:</span>

(Only the excel spreadsheets will now be shown in this section. References to previous, present and future trades “LAST WEEK’s TRADING REVIEW” will now be provided solely for the benefit of PREMIUM SERVICE subscribers and has been moved into section 4).

<span style="text-decoration: underline;">3.2.1 – PREMIUM SERVICE – COST INCOME ANALYSIS:</span>

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<p style="text-align: center;"><strong>TRADE SET-UPS - 2015 to date:</strong></p>
<p style="text-align: center;"><strong><span style="text-decoration: underline;">MICRO LOT TRADER</span> - 212 trades cost to trade = $21.20</strong>
<strong> PROFIT from 212 trades = $300.60 </strong></p>
<p style="text-align: center;"><strong><span style="text-decoration: underline;">MINI LOT TRADER</span> - 212 trades cost to trade = $212.00</strong>
<strong> PROFIT from 212 trades = $3,006.00</strong></p>
<p style="text-align: center;"><strong><span style="text-decoration: underline;">STANDARD LOT TRADER</span> - 212 trades cost to trade = $2,112.00</strong>
<strong> PROFIT from 212 trades = $30,060.00</strong></p>
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<span style="text-decoration: underline;">3.2.2 - PREMIUM SERVICE - PROFIT/LOSS RATIOS:</span>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PROFIT-LOSS-RATIOS-05042015.png"><img class="aligncenter size-full wp-image-5667" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PROFIT-LOSS-RATIOS-05042015.png" alt="PROFIT-LOSS RATIOS 05042015" width="410" height="583" /></a>

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<span style="text-decoration: underline;">3.2.3 - PREMIUM SERVICE - RISK/REWARD ANALYSIS:</span>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/RISK-REWARD-05042015.png"><img class="aligncenter size-full wp-image-5669" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/RISK-REWARD-05042015.png" alt="RISK-REWARD 05042015" width="431" height="543" /></a>

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<span style="text-decoration: underline;">3.2.4 – PREMIUM SERVICE –  PIP MEASUREMENT COMPARISONS (2014-2015):</span>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PIP-COMPARISON-MCH-YTD-2015.png"><img class="aligncenter size-full wp-image-5670" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PIP-COMPARISON-MCH-YTD-2015.png" alt="PIP COMPARISON MCH-YTD 2015" width="617" height="532" /></a>

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<span style="text-decoration: underline;">3.2.5 - PREMIUM SERVICE - OVERALL TRADE SUMMARY MONTH &amp; YTD:</span>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PREM-SERV-PROFITS-1-05042015.png"><img class="aligncenter size-full wp-image-5671" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PREM-SERV-PROFITS-1-05042015.png" alt="PREM SERV PROFITS 1 05042015" width="459" height="441" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PREM-SERV-PROFITS-2-05042015.png"><img class="aligncenter size-full wp-image-5672" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/PREM-SERV-PROFITS-2-05042015.png" alt="PREM SERV PROFITS 2 05042015" width="470" height="423" /></a>

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<ol start="4">
	<li><strong><span style="text-decoration: underline;"> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT:</span></strong></li>
</ol>
(Section 4 is exclusive PREMIUM SERVICE content only available to PREMIUM SERVICE subscribers)

<span style="text-decoration: underline;">4.1 - EDUCATION:
</span>(The full list of all items and more from this section can be found in the PREMIUM SERVICE website in the Trade Essential area under the EDUCATION tab.)<strong> </strong>
<p style="text-align: center;"><strong>STEPS TO TAKE WHEN FACED WITH STRESSFUL FOREX SITUATIONS:</strong></p>
Forex trading, at the very least requires you to deal with risk and the unknown every single day. Because of the uncertainty surrounding trading, you will most likely encounter events that may change your comfort level, aka “stress you out”. Psychological stress is natural in trading.

But wait a minute…. Isn’t stress always bad?

Psychological stress can be good when it gives way to a flight or fight response, wherein you become more alert and mentally prepared to deal with challenges. It is likely a jolt of adrenaline to the brain, which tells your mind and body to react and mobilize. In this case, stress can help you protect yourself and improve performance.

On the other hand, a trader who does not react positively to stress can hinder his/her trading performance. This is when you perceive an event as a threat. Instead of feeling alert and becoming prepared to react to a challenge, your fear of the unknown bogs you down and you become anxious or freeze. This kind of stress can be crippling for making good decisions as you lose your ability to remain calm and to focus.

Imagine you are crossing a street and all of a sudden a ten-wheeler truck or double-decker bus comes out of nowhere speeding in front of you. How would you react?

Naturally, stress kicks in. If you've developed the ability to react positively to stress, or even ignore it all together, your body will immediately react and you will run to safety. If not, you will freeze in the middle of the road with a deer in the headlights expression on your face…. and I can only imagine what will happen next.

At the end of the day, its how you perceive events that give way to either the good or bad reactions to potentially stressful situations, and its how you handle your stress during these critical situations that determines whether you sink or swim. Here are a couple of steps you can take:
<ol>
	<li><strong> ACCEPTANCE:</strong></li>
</ol>
The first step is to know that losing is a natural part of trading and that a single trade, or a string of losing trades, is not the end of the world providing you have proper RISK MANAGEMENT in place. Once you have recognized this fact you can focus your mind on what you CAN do rather than on what you CAN’T do.

<strong>2. RESPONSE:</strong>

Secondly, you need to realize that in potentially stressful situations you have to be able to learn to respond well (calmly staying focused and rational) instead of responding negatively (freezing and / or acting impulsively). In other words, when faced with stress you have to train yourself to recognize it, then dive to get out of the way of that speeding ten-wheeler just as an action star would do, instead of freezing from anxiety and getting crushed like a grape!

Accepting that losing is a natural part of trading and developing a positive response to market events can only come through one thing: deliberate practice. Through (taking many DEMO trades and then observing and adjusting your psychological/physical responses) negative responses to trading stress can be reduced significantly or even be used as a tool to sharpen your senses to make better on the spot judgments to your trades as new information comes your way.

I suppose at the end of the day you have to learn to accept stressful situations in trading.

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<span style="text-decoration: underline;">4.2 – THE PREMIUM SERVICE – TRADING REVIEW:</span>

As we headed towards NFP on Friday we had one or two squeezy moments and I took those opportunities to close off all bar one trade ahead of NFP. I hate NFP days at the best of times and the thoughts of NFP on a thin very light market did not give me the warm fuzzies.

Overall it was a positive start to April, I decided to close both of the Hedged trades (EUR/CHF &amp; GBP/CAD) as I was just getting more and frustrated looking at them, just bouncing in ranges many, many pips away from the entry levels.

I have no doubt that this month will be as difficult to measure as last month. The market is just very choppy and at times you wonder what is the point. You make great profits and end up giving some of it back as the market reverses. I am finding it very difficult to let trades run. This is reflected in the income per trade numbers this year in direct comparison with 2014.

The one thing above all that I have learned from my years with the Forex market is no two trading periods are the same and you just have to get on with it and make the best of things. It is what it is and there is nothing that we as retail traders can do about it.

I just want to mention changes with regards to twitter. From this week only TRADE SET-UPS for PREMIUM SERVICE trades will be on the PREMIUM SERVICE twitter account. My thoughts on the market will be on @pipaccumulator. It is subtle change but I just wanted to let you know.

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<span style="text-decoration: underline;">4.3 - THE PREMIUM SERVICE - EXISTING LIVE TRADES:</span>

There are currently no LIVE PREMIUM SERVICE trades. All positions were removed prior to Non Farm Payrolls last Friday, with the exception of a USD/JPY short trade that was closed as the data was released.

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<span style="text-decoration: underline;">4.4 - THE PREMIUM SERVICE – EXISTING LIMIT ORDERS:</span>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/LIMIT-ORDERS-05042015.png"><img class="aligncenter size-full wp-image-5679" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/LIMIT-ORDERS-05042015.png" alt="LIMIT ORDERS 05042015" width="720" height="402" /></a>

<span style="text-decoration: underline;">PLEASE NOTE:</span>

Remember position sizes for suggested FUNDAMENTAL TRADES should be much smaller than usual, maybe only 20%-25% of your normal trading position size. It is only when we add to our positions that the fun begins. All FUNDAMENTAL trades posted via email contain a second page with details of where I will add trades and when and where stops are moved, the Stair Stepping Stop Protection (SSSP) is self-explanatory and I hope useful. Using this grows your trading position and helps protect the profits made, should the trade gain traction. In addition, I have added some detail on my HEDGING approach as well to the second FUNDAMENTAL TRADE alert page. More detailed information on HEDGING can be found inside the PREMIUM SERVICE website under the EDUCATION tab – Trading Essentials.

I view the commodity cross-rate pairs as bonus trades away from the USD majors and over the year they can be very profitable. This is why I have a separate broker for commodity cross-RATE PAIR trades. It gives me an immediate measurement of performance without the need to extrapolate data.

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<span style="text-decoration: underline;">4.5 - POTENTIAL TRADES - WHAT CHARTS AM I LOOKING AT?</span>

This section contains charts mainly relating to non-USD majors, in particular the ones that I am working on and looking at because they catch my eye that may become potential trades in the trading sessions ahead. If there are no comments beneath the charts, my comments / thoughts are written on them directly. I will tweet and email as soon as these possible trades become LIMIT ORDERS.

<span style="text-decoration: underline;">THIS WEEKS OVERVIEW:</span>

There are no a lot of comments on the charts this week. I am really in limbo with my thoughts as I feel that we have yet to see the full news event of NFP unfold and the geopolitical events are weighing in on my thoughts.

The one thing that does always resonates with me though is that USD will always be the flight to safety currency, and that is always a fact to consider and weigh on any decisions.

The charts this week that have caught my eye are: -

AUD/NZD, GBP/JPY, AUD/JPY, EUR/JPY, EUR/GBP, GBP/AUD and GBP/CAD.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/AUDJPY-MONTHLY-05042015.png"><img class="aligncenter size-large wp-image-5695" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/AUDJPY-MONTHLY-05042015-1024x517.png" alt="AUDJPY MONTHLY 05042015" width="1024" height="517" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/AUDNZD-WEEKLY-05042015.png"><img class="aligncenter size-large wp-image-5694" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/AUDNZD-WEEKLY-05042015-1024x517.png" alt="AUDNZD WEEKLY 05042015" width="1024" height="517" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/EURGBP-240M-05042015.png"><img class="aligncenter size-large wp-image-5693" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/EURGBP-240M-05042015-1024x517.png" alt="EURGBP 240M 05042015" width="1024" height="517" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/EURJPY-DAILY-05042015.png"><img class="aligncenter size-large wp-image-5692" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/EURJPY-DAILY-05042015-1024x517.png" alt="EURJPY DAILY 05042015" width="1024" height="517" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPAUD-DAILY-05042015.png"><img class="aligncenter size-large wp-image-5691" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPAUD-DAILY-05042015-1024x517.png" alt="GBPAUD DAILY 05042015" width="1024" height="517" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPCAD-240M-05042015.png"><img class="aligncenter size-large wp-image-5690" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPCAD-240M-05042015-1024x517.png" alt="GBPCAD 240M 05042015" width="1024" height="517" /></a>

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPJPY-DAILY-05042015.png"><img class="aligncenter size-large wp-image-5689" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPJPY-DAILY-05042015-1024x517.png" alt="GBPJPY DAILY 05042015" width="1024" height="517" /></a>

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<span style="text-decoration: underline;">4.6 - MAJOR TRADING PAIRS WITH LONGER-TERM TRENDS MATCHING:</span>

The following currency pairs have Short Term (DAILY), Medium Term (WEEKLY) and Long Term (MONTHLY) charts all trending in the same direction.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/TRENDING-PAIRS-05042015.png"><img class="aligncenter size-full wp-image-5680" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/TRENDING-PAIRS-05042015.png" alt="TRENDING PAIRS 05042015" width="403" height="528" /></a>

<span style="text-decoration: underline;">4.7 - THE KEY SUPPORT &amp; RESISTANCE LEVELS WITH THE USD MAJORS</span><strong><span style="text-decoration: underline;">:
</span></strong>(The reviews in the section are accompanied with weekly charts of the USD majors)

<strong>EUR/USD: Closing Price 1.0966.</strong>

Certainly when we look at the weekly chart below, the so-called bearish move in the EUR/USD looks somewhat over as we have now seen three weekly moves to the upside.

We have a short at 1.1050 in position, which I am still happy to trade from. We must NOT forget the divergence in play between the FED and the ECB.

We have a major geopolitical news event on the horizon namely GREECE. Whichever you cut it, GREECE leaving, defaulting, or delaying, all brings uncertainty which is all bad news and the EUR/USD should fall. At this stage, I think that we may see a small rally if an exit or default is avoided. However, I think that it may be followed by a fall in the EUR/USD, as any “can kicking solution” is no solution. Unless it is a proper fix, any market euphoria will be short lived.

Looking at the chart once again, one can argue we have a nice range of 1.0450 to 1.1090.

Immediate support is back at 1.0800 and 1.1050 should provide some resistance.

<strong> <a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/EURUSD-WEEKLY-05042015.png"><img class="aligncenter size-large wp-image-5687" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/EURUSD-WEEKLY-05042015-1024x517.png" alt="EURUSD WEEKLY 05042015" width="1024" height="517" /></a></strong>

<strong> </strong>

<strong> </strong>

<strong>GBP/USD: Closing Price 1.4901</strong>.

After all the shenanigans, the GBP/USD ended last week only 30 pips higher than the week before. This was after Carney’s ra-ra speech in Berlin. I think that the UK election outcome still has an influence on the cable at the moment.

When you look at the chart below we have a range that looks nicely defined from 1.4625 to 1.4950.

Support is back at 1.4850 and 1.4950 should provide some resistance.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPUSD-WEEKLY-05042015.png"><img class="aligncenter size-large wp-image-5686" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/GBPUSD-WEEKLY-05042015-1024x517.png" alt="GBPUSD WEEKLY 05042015" width="1024" height="517" /></a>

&nbsp;

<strong> </strong>

<strong>AUD/USD: Closing Price 0.7631</strong>.

This is a big week for the AUD/USD. We have both Retail Sales and an RBA interest rate statement. The consensus on the street is for a cut following the drop in Iron Ore prices.

The AUD is certainly under pressure. It has had one or two near death experiences recently and if the recent lows are broken at 0.7630, it can only look pretty glum for the AUD across the board cross rates and in particular the AUD/NZD which could break below parity.

The weekly chart below shows a bearish trend. I see support at the lows of 0.7630 and resistance at 0.7870.

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/AUDUSD-WEEKLY-05042015.png"><img class="aligncenter size-large wp-image-5688" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/AUDUSD-WEEKLY-05042015-1024x517.png" alt="AUDUSD WEEKLY 05042015" width="1024" height="517" /></a>

&nbsp;

&nbsp;

<strong>NZD/USD: Closing Price 0.7566</strong>.

Hardly any change in the closing weekly numbers week on week, just 5 pips difference.

Support is still at 0.7170 and resistance for me sits at 0.7620…. no change from last week.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/NZDUSD-WEEKLY-05042014.png"><img class="aligncenter size-large wp-image-5685" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/NZDUSD-WEEKLY-05042014-1024x517.png" alt="NZDUSD WEEKLY 05042014" width="1024" height="517" /></a>

&nbsp;

&nbsp;

<strong>USD/CAD: Closing Price 1.2465.</strong>

The “Loonie” came under a lot of pressure to the downside at the end of the week. Given the poor economic data from Canada, this was quite a surprising move.

The chart below shows the immediate range of 1.2340 to 1.2820. It is a very clear range that we are working.

Immediate support however is at 1.2400 and resistance at 1.2500.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/USDCAD-WEEKLY-05042015.png"><img class="aligncenter size-large wp-image-5684" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/USDCAD-WEEKLY-05042015-1024x517.png" alt="USDCAD WEEKLY 05042015" width="1024" height="517" /></a>

&nbsp;

<strong> </strong>

<strong>USD/CHF: Closing Price 0.9405</strong>.

We closed the week on the 127% extension. I would normally be saying that this is a place to enter long, however, with the GREECE situation and the possible effect that it may have on the EUR/CHF, I am reluctant to enter a trade with the USD/CHF at the moment, because of the high intensity cross rate effect this pair has<strong> </strong>

Looking at the 240-minute chart below, doesn’t really tell us too much. The 161.8% Fibonacci extension comes in at 0.9320. This may be the level to start looking at to enter long

Support is at 0.9320 and resistance at 0.9450.

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/USDCHF-240M-05042014.png"><img class="aligncenter size-large wp-image-5683" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/USDCHF-240M-05042014-1024x517.png" alt="USDCHF 240M 05042014" width="1024" height="517" /></a>

&nbsp;

<strong> </strong>

<strong>USD/JPY: Closing Price 118.87.</strong>

No change from last week. We are still in the same range.

Support at 115.60 and resistance at 122.00

&nbsp;

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/USDJPY-WEEKLY-05042015.png"><img class="aligncenter size-large wp-image-5682" src="https://weeklyfxdrivethru.com/wp-content/uploads/2015/04/USDJPY-WEEKLY-05042015-1024x517.png" alt="USDJPY WEEKLY 05042015" width="1024" height="517" /></a>

&nbsp;
<ol start="5">
	<li><strong><span style="text-decoration: underline;">THE WEEK AHEAD: -
WHAT AM I THINKING &amp; WHAT AM I LOOKING AT?</span></strong></li>
</ol>
<span style="text-decoration: underline;">5.1 - MAJOR FOREX NEWS THIS WEEK THAT INTERESTS ME:</span>

SUNDAY: N/A.

MONDAY: CAD – IVEY PMi.
MONDAY: AUD – Retail Sales.

TUESDAY: AUD – RBA Interest Rate Statement.
TUESDAY: GBP – Services PMi.
TUESDAY: BOJ- Monetary Policy Statement and Press Conference.

WEDNESDAY: USD – FOMC Meeting Minutes.

THURSDAY: GBP – BOE Interest Rate Decision.
THURSDAY: CNY - CPI.

FRIDAY: CAD – Employment Change and Unemployment Rate.

&nbsp;

<span style="text-decoration: underline;">5.2 - FINAL THOUGHTS / CLOSING COMMENTS:</span>

I think this week may be a very difficult choppy week to trade.

I am not 100% clear how the EUR/USD will react to any news regarding GREECE. The market is weird at times and knee-jerk reactions are very much the order of the trading day at times.

Geopolitical news is often very black and white but we seem of late to be moving in shades of grey…be thankful I did not refer to the number of shades!!

Be careful this week, the AUD may be the trade to focus on with a rate cut expected from the RBA. However, please do not trade assuming this fact, nothing in Forex is certain. The Forex market is expert in buying the rumour selling the news.

We will have opportunities to make $$$, we just have to be alert and careful.

As always, there will be trades to trade and there will be some great opportunities, please trade in line with your RISK MANAGEMENT parameters from your TRADING PLAN. If you do not have a TRADE PLAN, in my opinion, you should, as this will help you with consistency.
<p style="text-align: center;"><strong>Consistency = longevity in trading and that is a critical goal.
IT IS THE KEY MEASUREMENT</strong></p>
Before you enter a trade work out the risk, price it in $$$. Place your stop accordingly. PREMIUM SERVICE subscribers have a full library of information on RISK MANAGEMENT, RISK TOLERANCES and POSITION SIZING etc. available for reference 24x7.

&nbsp;
<ol start="6">
	<li><strong><span style="text-decoration: underline;"> DISCLAIMERS &amp; OTHER DATA:</span></strong></li>
</ol>
<span style="text-decoration: underline;">6.1 - SUBSCRIBING TO THE “FREE VERSION” OF THE WEEKLY FX DRIVE THRU:</span>

If you like what you have almost completed reading and want to have THE WEEKLY FX DRIVE THRU delivered direct to your email inbox next week, here is what you do: -

Go to my website: - <a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>

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&nbsp;

<span style="text-decoration: underline;">6.2 - THIRD PARTY COMPANIES WITH BANNERS ON MY WEBSITE:</span>

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Unlike many of my competitors, I use the products and services provided by these companies. I will NOT allow any third party on my website unless I am 100% happy that they can back up their promise.

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&nbsp;

<span style="text-decoration: underline;">6.3 - TRADING &amp; PERFORMANCES DISCLAIMER:</span>

FLASH, RADAR and FUNDAMENTAL trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.

Take care.

Scott Pickering
The Pip Accumulator
Sunday April 5th 2015

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