Webinar: FOMC Setups We'll be Trading as Yellen Takes Center Stage
- Weekly DailyFX Scalp Webinar archive covering featured setups
- Updated targets & invalidation levels
- Event Risk on Tap This Week
Chart Created Using FXCM Marketscope 2.0
Notes: The USDOLLAR will be central focus heading into what will probably be the most important FOMC interest rate decision this year. Last week’s break back below confluence support at the monthly open has shifted the short-side bias back into play with our near-term bearish invalidation level steady at 12028. Near-term support is eyed at 11936/42 backed by the 100DMA & 11906.
Notes: The 1.5447/60 resistance zone highlighted last week remains in focus heading into key U.K. inflation data tomorrow and U.S. event risk later in the week. Key support & near-term bullish invalidation level remains at the 1.5340 confluence region with a breach higher targeting resistance objectives at the 100DMA at 1.5515 & the 1.5560/67 confluence zone. Scalp levels unchanged from last week.
Notes:An attempt to breach above the high-day close at 2.2037 saw a quick snapback with the pair now testing support / bullish invalidation noted last week at 1.1420-1.1527. This key support zone is defined by the July high, the August opening range high, the September opening range low and basic trendline support extending off the May low. A break below this support structure would suggest a much more significant correction may be on the cards for the pair with such a scenario eyeing subsequent support objectives into the August low / 2.0832.
For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk
Relevant Data Releases
Other Setups in Play:
- GBPUSD Rebound Sets Up Clear Scalp Levels Ahead of Major Event Risk
- Scalping GBPAUD Pullback- Targets in View Ahead of Aussie Data, BoE
- USDCAD Levels to Know Ahead of BoC - 1.3335 Marks Critical Resistance
- USDJPY Battle Lines Drawn Ahead of NFPs- Short Scalps Favored Sub 120.80
- AUDNZD: Rinse & Repeat- Reversal Scalp Back in Play Ahead of GDP
---Written by Michael Boutros, Currency Strategist with DailyFX
Join Michael for Live Scalping Webinars on Mondays on DailyFX at 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.