News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • #Silver extends losses over 3.1% heading into Thursday's Asia Pacific trading session
  • South Korean Vice Finance Minister Kim Yong-Beom: South Korean stock market volatility may expand. Recent Won gains may be due to Chinese Yuan's rise -BBG
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/4zDmzLQZ3j
  • #EURUSD Selloff to Accelerate? Biden-Trump Race for Florida Tightens - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/09/23/EURUSD-Selloff-to-Accelerate-Biden-Trump-Race-for-Florida-Tightens.html
  • $AUDUSD has recorded 4 consecutive down-days for the first time since mid-June, with price collapsing below the 61.8% Fib to support at the June high (0.7064) The last time $AUDUSD recorded losses for five days in a row was during the #Coronavirus Crash in March $AUD https://t.co/RZZ5SGRMnJ
  • 🇳🇿 Balance of Trade (AUG) Actual: N$-353M Previous: N$447M https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇳🇿 Balance of Trade (AUG) due at 22:45 GMT (15min) Previous: N$282M https://www.dailyfx.com/economic-calendar#2020-09-23
  • Could #CrudeOil prices be readying to resume the former uptrend? Or will prices extend losses ahead? #WTI has lately been trading within a Symmetrical Triangle chart pattern Learn more about this formation here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/triangle-pattern.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/g9UlHCePF1
  • Australian Dollar has broken parallel support and remains at risk for further losses within the broader June uptrend. Get your $AUDUSD technical analysis from @MBForex here:https://t.co/gTmlLX5t06 https://t.co/GfEixh5aoP
  • Update on #Cryptocurrencies #BITCOIN +0.27% #BITCOINCASH +0.49% #ETHEREUM +0.21% #RIPPLE +0.49% #LITECOIN +0.38%
Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus

Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus

2015-03-19 20:47:00
Michael Boutros, Strategist
Share:

Talking Points

USDOLLAR Daily

Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus

Chart Created Using FXCM Marketscope 2.0

Notes: The index rebounded off key support defined by the lower medina line parallels of the slope off the July lows. This region is further backed by the 11,854/88 region (bullish invalidation). Interim resistance stands at 12,149 with a breach there targeting the upper median-line parallel which comes in around 12,235 heading into the weekend. Note that the daily RSI signature has taken a hit & if we fail at 70 with price holding the highs, we could see this start to fizzle-out into next week.

USD/JPY Daily

Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus

Notes:USDJPY is trading within the confines of a well-defined median-line formation off the December low with yesterday’s sell-off charging a rebound off key support at the near-confluence of the former TL resistance & operative ML support (highlighted region ~119.40/60). We’ll continue to reserve this zone as our near-term bullish invalidation level with resistance seen higher at 121.43 & the 2015 high at 121.84. (Washout risk remains high below this level). Note that the daily momentum signature has struggled to hold above 60 and we will remain attentive to weakness sub-50 in the near-term. A break of this formation risks a drop into support at 118.15/20.

GBP/USD Daily

Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus

Notes:Sterling saw the second largest range relative to its daily ATR amongst the majors yesterday with a whopping 360% move. Although the rally stretched as high as 1.5164, on a close basis the trade did respect the 1.4950/90 key resistance zone (bearish invalidation level)- Note that former TL resistance off the July high converges on this zone which is defined by the January stretch low & the low-day close. Key support remains with the 1.618% extension of the decline off the July high at 1.4679 (dark-blue) with a break there targeting scalps into the ML confluence just below the 1.45-handle. That said, the short-side scalp bias is at risk while above this support level- watch momentum.

Gold Daily

Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus

Notes:The gold rebound is approaching the first targeting area of resistance post FOMC into 1181. Note that slight divergence into a resistance trigger break in momentum has kept the topside in focus with the weekly candle now shaping up to complete an outside weekly reversal if we close around these levels on Friday. Bottom line: the key 1150/37 support level we’ve been noting for the past few weeks has produced a reaction & near-term the focus is on the recovery off this mark. Looking for a pullback here but short-scalps remains at risk while above 1150 (bullish invalidation) with a breach through 1181 confirming a near-term reversal pattern in bullion targeting 1195/97.

Other Setups in Play:

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

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES