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EUR/USD Downside Targets Remain Favored- 1.1300 in Focus

EUR/USD Downside Targets Remain Favored- 1.1300 in Focus

David Song, Strategist

Talking Points:

- EUR/USD Slips to Fresh Monthly Low as ECB Implements EUR 60B/Month QE Program.

- AUD/USD Range Vulnerable to Slowing China Recovery; RSI Structure in Focus.

- USDOLLAR Extends Advance Ahead of FOMC Meeting; Topside Targets on Radar.

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EUR/USD

EUR/USD Daily

Chart - Created Using FXCM Marketscope 2.0

AUD/USD

AUD/USD Daily
  • AUD/USD may preserve the range-bound price action over the remainder of the week as the pair continues to hold above the monthly opening low, while the bullish RSI momentum takes shape.
  • However, aussie may face additional headwinds over the next 24-hours of trade as China’s HSBC Manufacturing survey is expected to show another contraction in business outputs.
  • Nevertheless, need a bearish break in RSI along with a close below 0.8000-20 to favor

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Read More:

USDMXN Head-and-shoulders On Radar

Price & Time: Regime Change In Gold

USDOLLAR(Ticker: USDollar):

IndexLastHighLowDaily Change (%)Daily Range (% of ATR)
DJ-FXCM Dollar Index11749.6711753.5111669.340.40144.47%
USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar breaks out ahead of the Federal Open Market Committee (FOMC) policy meeting on January 28; topside targets favored as RSI pushes back into overbought territory.
  • Interested to see the Fed’s response to the wave of global monetary support especially given the 2015 rotation within the committee.
  • Close above 11,721 (38.2% expansion) should provide conviction/confirmation for a move into 11,774 (50% expansion).

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ReleaseGMTExpectedActual
Initial Jobless Claims (JAN 17)13:30300K
Continuing Claims (JAN 10)13:302400K
FHFA House Price Index (MoM) (NOV)14:000.3%
Kansas City Fed Manufacturing Activity (JAN)16:008

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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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