- Setups in focus ahead off key event risk this week
- Updated targets & invalidation levels
Seasonal tendencies for the greenback turn increasingly bearish here, especially against the Euro, Sterling & Swissy. The focus of the week shifts towards U.S. Retail Sales & CPI ahead of next week’s highly anticipated FOMC policy decision. Keep in mind today is the final day for Fed commentary ahead of the upcoming rate decision with Governor Lael Brainard on tap to speak later today.
The Japanese yen is the strongest performer to start off the week with U.S. equity markets attempting to pare some off the sharp losses seen last week. On balance, we are looking for pullbacks in EUR & GBP to offer long entries while the risk remaining for a deeper setback in AUD & NZD before resumption.
Key setups discussed on USDOLLAR, NZDUSD, USDCAD, EURUSD, AUDUSD, GBPUSD, EURAUD, Gold & Crude Oil. 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:
- NZD/USD 2016 Rally at Risk Sub-7500 as Sentiment Stretches
- USD/CAD Rebound Vulnerable to Canada Employment- Key Support 1.2832
- EUR/USD ECB Setup- Outlook Remains Constructive Above 1.1140
- USDJPY: NFP Game-plan Same as Jackson Hole- Buy the Washout
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
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