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USDOLLAR Index Nears Flag Top as EUR/USD Loses Triangle Support

USDOLLAR Index Nears Flag Top as EUR/USD Loses Triangle Support

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD slips below triangle swing low of $1.0890/95.

- USDJPY creeping back towards crucial resistance at ¥124.60/65.

- See the DailyFX economic calendar for Wednesday, August 5, 2015.

After a rather passive start to the week economic-data wise, event risk should pick up quite considerably over the next three days, starting with today's duo of significant economic data. Of note, the combined outlook the US ADP Employment Change report and the US ISM Services index Employment subcomponent can provide the markets should be thorough enough for traders to get a strong indication of where Friday's US Nonfarm Payrolls report will land.

Accordingly, ahead of Friday, the USDOLLAR Index, which has already shifted back into the topside of its recent bull flag consolidation, may be eager to press a topside breakout in an attempt to retake the April highs. With H4 indicators returning to bullish territory (daily and weekly Stoch and MACD already in positive territory), momentum may start to gather pace (what we call "full timeframe continuity") should recent swing highs near 12063 give way.

See the above video for technical considerations in EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, and the USDOLLAR Index.

Read more: Range in USDOLLAR Index Offers Opportunities on Both Sides This Week

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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