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  • Not unusual from Mester, but she said that QE purchases are not as effective as they used to be. Worth reiterating that seems to be the FOMC line now after Powell's remarks at Wednesday's press conference
  • $EURUSD thwarted by support I think this'll break during Q4 - the next big support zone below runs from around 1448-1500
  • 10-year US Treasury yields touching multi-week highs. EUR/USD is likely to re-test 1.1700 in the short-term. Get your $EURUSD market update from @nickcawley1 here:
  • This 👇
  • $USDJPY has spanned its full, tight range. The has slightly broadened its smallest 30-day trading range (as a ratio of spot) on record. Serious breakout candidate should a firm risk or Fed rate speculation wind come through
  • Seems this once-Hawkish view from Cleveland Fed President Loretta Mester is becoming the consensus for the FOMC
  • - Supports November taper - Still some distance from maximum employment goal needed for raising rates
  • Fed's Mester - Economy has met substantial further progress bar for taper - On inflation bar for raising rates has largely been met - Expect conditions for first rate hike to be met by end of next year
  • Heads Up:🇬🇧 BoE Tenreyro Speech due at 13:00 GMT (15min)
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:


Michael Boutros, Strategist

NZDUSD 120min

NZDUSD 120min Chart

NZDUSD: Kiwi took out 2/3 targets on the back of the RBNZ. We’re marking some divergence here into the 38.2% retracement at 7179 and the immediate short-bias is vulnerable while above this level. The focus remains lower while below 7225 which converges on the median line into the close of the week. A break lower from here targets subsequent support objectives at the lower parallel (7150s) & the 50% retracement at 7119. Latest NZDUSD Update (2/8)

USDCAD: Heading into tomorrow’s Canada employment report, I’m generally looking to fade weakness while above 1.3030 with key resistance seen into 1.3227/50. Highlighted this setup in today’s Scalp Report.

USDJPY: A near-term reversal is underway after breaking above the weekly opening range highs with the advance coming up on interim resistance at 113.49. Remember this is USDJPY – while the turn was well-documented I won’t be completely convinced until we get north of 113.94. Levels remain unchanged from the Special Report published earlier this week.

AUDJPY: The rebound off support highlighted on Monday is testing our bearish invalidation level at the upper median-line parallel / weekly opening range highs, just ahead of 86.52. IF the pair is heading lower- any advances should be capped by this threshold- looking lower against this region. Levels unchanged- Latest AUDJPY Update (2/6)

Looking for trade ideas? Review DailyFX’s 2017 1Q Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

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