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Bearish USD Setup Continues to Take Shape- AUD/JPY Range in Focus

Bearish USD Setup Continues to Take Shape- AUD/JPY Range in Focus

2014-06-19 17:30:00
David Song, Strategist
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Talking Points:

- Bearish USDOLLAR Setup Remains Favorable Following Dovish FOMC

- GBP/USD Rallies to Fresh High (1.7062); DailyFX SSI (-5.84) Favors Further Gains

- AUD/JPY to Eye Range Support on Another Failed Attempt to Close Above 96.00

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10431.95

10447.06

10417.7

-0.09

86.20%

USDOLLAR(Ticker: USDollar):

  • Downward trending channel & bearish RSI remains in play as Federal Open Market Committee (FOMC) trims growth & inflation forecast.
  • With the break below soft support (10,440), next objective comes in at 10,406 (1.618% Fib expansion)
  • Will watch May (10,370) & October (10,354) lows as dollar carves lower-high in June.

GBP/USD:

  • Clears near-term resistance (1.7020-30) despite contraction in U.K. Retail Sales
  • BoE board member Ian McCafferty argues for early interest rate hike.
  • Still favor opportunities to ‘buying dips’ as next topside target comes in around 1.1710-20 (78.6% expansion).

AUD/JPY

  • Range play favored amid string of failed closes above 96.00 handle.
  • Weekly low (95.18) in focus amid Fibonacci confluence around 95.10-20.
  • Long-term bearish RSI momentum remains intact.

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Bearish USD Setup Continues to Take Shape- AUD/JPY Range in Focus

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Read More:

US Dollar Targets Fresh Lows versus Euro, Sterling for this Reason

Price & Time: Kiwi "Still Dancing"

USDOLLAR Daily

Bearish USD Setup Continues to Take Shape- AUD/JPY Range in Focus

Chart - Created Using FXCM Marketscope 2.0

  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)

Release

GMT

Expected

Actual

Initial Jobless Claims (JUN 14)

12:30

313K

312K

Continuing Claims (JUN 7)

12:30

2600K

2561K

Philadelphia Fed. (JUN)

14:00

14.0

17.8

Leading Indicators (MAY)

14:00

0.6%

0.5%

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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