- Setups in focus ahead off key event risk this week
- Updated targets & invalidation levels
Fed Chair Yellen’s remarks last week saw probabilities for a December rate hike rise with the greenback finding some footing on this rally. The immediate risk is higher but we’re on the lookout for some near-term exhaustion on some of the USD crosses.
Note that we are heading into the close of August trade with NFPs on tap ahead of an extended U.S. holiday weekend. That’s all to say, near-term trading in these market conditions are difficult and as such it’s prudent to be a bit more selective with intraday positions and lower leverage heading into the start of September trade.
Key setups discussed on USDOLLAR, USDJPY, EURUSD, AUDUSD, GBPUSD, GBPNZD, NZDUSD, AUDNZD, Gold, Crude Oil, USDCAD. Continue tracking these setups and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.
Check out SSI to see how retail crowds are positioned as well as open interest heading into the close of June trade.
Relevant Data Releases
Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)
Other Setups in Play:
- USDJPY: US GDP / Yellen Speech to Trigger Consolidation Range-Break
- EURUSD: Waiting for the Dip & Rip- Key Resistance at 1.1400
- Webinar: Sterling Crosses On the Offensive- Yellen to Steer the Dollar
- USDCAD in Free Fall: 9-Days Down Ahead of Canada CPI, Retail Sales
Looking for trade ideas? Review DailyFX’s 2016 2Q Projections
---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 and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)
