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USDOLLAR Remains Capped by Former Support- USD/CAD Threatens Range

USDOLLAR Remains Capped by Former Support- USD/CAD Threatens Range

2014-07-07 16:55:00
David Song, Currency Strategist
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Talking Points:

- USDOLLAR Remains Capped by Former Support Ahead of FOMC Minutes

- AUD/USD Holds Near-Term Support; Australia Employment in Focus

- USD/CAD Range in Focus Ahead of Bank of Canada (BoC) Meeting

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10422.51

10441.33

10422.24

-0.05

62.33%

USDOLLAR(Ticker: USDollar):

  • Dow Jones-FXCM U.S. Dollar Index remains capped by former support around 10,440 (78.6% Fibonacci retracement).
  • Remains at risk for a lower highs & lows as we continue to watch the monthly opening range.
  • Relative Strength Index (RSI) starting to look more constructive following topside break; need a continued series of higher lows to favor a more bullish outlook for the dollar.
  • Federal Open Market Committee (FOMC) Minutes highlights the biggest event risk; market players looking for a less-dovish tone as the Fed is expected to halt QE in October.

AUD/USD:

  • Will continue to look for range-bound prices as pair remains supported by 0.9330-40, while Reserve Bank of Australia (RBA) toughens verbal intervention.
  • Still waiting for a bearish break on the daily RSI to see 0.9200-10 back on the radar.
  • Australia Employment (12.0K) & China Consumer Price Index (2.4%) may put increased pressure on RBA to act as Governor Glenn Stevens anticipates higher unemployment.

USD/CAD:

  • Threatening range following slew of dismal Canada data; Employment report (20.0K) may set the tone for the Bank of Canada (BoC) meeting on July 16.
  • Need close above/below range to favor a directional bias; RSI retains longer-term bearish trend.
  • Former resistance (1.0580-1.0600) to act as new support on a further decline in USD/CAD.

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USDOLLAR Remains Capped by Former Support- USD/CAD Threatens Range

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USDOLLAR Daily

USDOLLAR Remains Capped by Former Support- USD/CAD Threatens Range

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

No Scheduled Releases

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--- Written by David Song, Currency Analyst

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

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