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Scalp Webinar: Bearish USD Technical Outlook to Face Upbeat FOMC

Scalp Webinar: Bearish USD Technical Outlook to Face Upbeat FOMC

Talking Points


Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDOLLAR trading within confines of descending pitchfork ahead of key event risk
  • Interim resistance confluence at 11880/87 backed by 11936 / MLP
  • Bias remains bearish while within broader ML formation (~11961)
  • Interim support objectives at 11839 & the lower MLP / 11790
  • Daily RSI reversal at 60 &- break sub-50 (bearish)
  • Key Event Risk Ahead:FOMC Interest Rate Decision on Wednesday & U.S. Consumer Price Index (CPI) on Thursday


Notes: NZDJPY is coming into a key area of support to open the week at the confluence of median-lines off the April/May highs & the 78.6% retracement at 85.84-86.00. Be on the lookout for short triggers with interim resistance seen at 87 backed by 87.70 (bearish invalidation). A break of the lows targets another support confluence down at the 85-handle.

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Relevant Data Releases

Other Setups in Play:

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

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