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AUD/USD Nears Key Resistance, GBP/USD Triangle Breakdown Continues

AUD/USD Nears Key Resistance, GBP/USD Triangle Breakdown Continues

2016-08-09 12:10:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- USDOLLAR Index flat, but individual components worth examining.

- GBP/USD may be on its way towards $1.2800 again.

- August is typically a bad month for risk and a good month for the US Dollar - see the August forex seasonality report.

All quiet on the western front...again. The USDOLLAR Index is essentially flat after a meager +0.09% gain yesterday. It's a summer Tuesday - what did you expect? Amid a quiet calendar this week, there are few catalysts on the US data side of things that could spark a meaningful shift in Fed rate expectations.

One place to look today? The Atlanta Fed will release an update to its GDPNow forecast for Q3'16 GDP later this morning. After the disappointing Q2'16 US GDP report, any signs that US growth is pointed higher into the second half of the year will be a welcomed sign by investors - and by the Fed.

In the meanwhile, despite the USDOLLAR Index doing little of anything, the individual components of the gauge are worth examining, in particular, AUD/USD and GBP/USD.

See the video (above) for technical considerations in EUR/USD, GBP/USD, USD/CAD, AUD/USD, USD/JPY, and the USDOLLAR Index.

Read more: Quiet Calendar has US Dollar Focused on Fed Rate Expectations

--- Written by Christopher Vecchio, Currency Strategist

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

Follow him on Twitter at @CVecchioFX

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