Scalp Webinar: Bearish USD Technical Outlook to Face Upbeat FOMC

Talking Points

• Weekly DailyFX Scalp Webinar archive covering featured setups ahead of FOMC
• Updated targets & invalidation levels on USD crosses
• Event Riskon TapThis Week

USDOLLAR Daily

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

NZDJPY Daily

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:

• USDCAD Breakdown at Initial Support- Short Scalps Favored Sub 1.24
• EURNZD Threatens Key Resistance Ahead of RBNZ- Longs at Risk Sub 1.59
• Scalp Webinar: NFP Fails to Spur USD Breakout- June Range Remains Key
• USDOLLAR Flirts with Breakdown- Short Scalps Favored Sub 11960 Ahead of NFPs
• EURUSD Scalp Levels Heading Into ECB, NFP- Longs Favored Above 1.1065

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

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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

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