- Major event risk on tap this week- USD, JPY crosses in focus
- Updated targets & invalidation levels
- Looking for trade ideas? Review DailyFX’s 2016 4Q Projections
It’s a big week for event risk as we head into the open of November trade starting tonight with the release of the RBA interest rate decision followed by the Bank of Japan, the FOMC and the BoE. Highlighting the economic docket into the close of the week is the U.S. Non-Farm Payroll report on Friday.
The USD indices continue to hold below key resistance on the back of Friday’s reversal and while the broader focus remains weighted to the topside, the greenback remains vulnerable near-term for further weakness. Our focus also shifts to the yen crosses with a similar outlook to start the week (looking to fade weakness). Key technical setups discussed on DXY, USDOLLAR, NZDUSD, Crude Oil, AUDUSD, EURCAD, EURJPY, NZDJPY, Silver, EURUSD, NZDCAD and AUDJPY.
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 at Risk for Further Losses Heading into U.S. 3Q GDP
- Oil Price Sell-off to Gain Traction on a Break Below 48.80
- AUD/USD Rebound Looks to 3Q Australia CPI for Fuel
- EUR/CAD Rebound or Reversal? Line-in-the-Sand at 1.4600
---Written by Michael Boutros, Currency Strategist with DailyFX
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