Webinar: USD Fails at Resistance- Scalping Sept. Range Ahead of NFP
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Chart Created Using FXCM Marketscope 2.0
Notes:The Dow Jones FXCM U.S. Dollar Index has rallied back into the top of its monthly opening range, with a failure to close above the April reversal-day close at 12,071 leaving the door open for further declines in the near-term. Interim support rests with the September open at 12,028 with a break lower targeting 1143/56 zone where the 61.8% retracement, the 100DMA & the median line off the monthly high converge. Key resistance remains with the 2015 high-day close at 12,123 with a breach targeting the yearly high at 12,162.
Notes: It’s too soon to tell whether the proposed pitchfork off the highs is in play, but the initial responses to the median line have been encouraging. We could get a rebound off confluence support here but the near-term focus remains weighted to the downside while within the confines of this formation.
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Relevant Data Releases
Other Setups in Play:
- Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155
- GBPJPY Reversal Setup- Short Scalps Eye 182
- USDOLLAR at Support Ahead of Critical Fed Meeting- All Eyes on Yellen
- AUDJPY Approaching Monthly Open- Range Break to Determine Scalp Bias
- Webinar: FOMC Setups We'll be Trading as Yellen Takes Center Stage
---Written by Michael Boutros, Currency Strategist with DailyFX
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