- Setups in focus ahead off key event risk this week
- Updated targets & invalidation levels
It’s a BIG week for central bank event risk with the BoJ, FOMC & RBNZ on tap. The dollar crosses remain in focus with the Dow Jones USDOLLAR Index at risk for losses while below key resistance at 12014/19. Initial support rests with Friday’s low / 100DMA at 11938.
Fed Fund Futures are pricing just a 20% probability the central bank will raise rates but the focus will be on the updated quarterly projections as they pertain to growth, inflation, and employment. As always, the highly publicized interest rate dot plots will be crucial in assessing the projected interest rate path in the light of the recent conflicting rhetoric we’ve been hearing from various committee members.
Key technical setups discussed on USDOLLAR, USDCAD, AUDUSD, GBPUSD, GBPJPY, NZDUSD, USDJPY, 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:
- USDCAD Rally at Risk into US CPI- 1.3080 Offers First Line of Defense
- AUD/USD to Face Employment Report- Outlook Constructive Above 0.7380
- GBP/JPY & BoE: Weakness to Be Viewed as Opportunity
- NZD/USD: Bearish Bias Intact as FX Sentiment Narrows Ahead of GDP
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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