News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQioRZER https://t.co/h2DAnqnY7J
  • #BlackRock: We are neutral U.S. equities. We see U.S. growth momentum peaking and expect other regions to be attractive ways to play the next leg of the restart as it broadens to other regions, notably Europe and Japan $SPX $NDX
  • #BlackRock: The new nominal theme leads to a steeper yield curve expectation than market pricing. We see yields rising gradually, keeping us broadly underweight government bonds, particularly for longer maturities #trading $TLT
  • BlackRock: We are overweight European equities, and neutral Japan #trading
  • Gold prices face off with rising Treasury yields as jobs data approaches. Meanwhile, iron ore prices caught a small bid on bullish port activity out of China. Get your market update from @FxWestwater here:https://t.co/A79cY6KvDI https://t.co/rJ0xqsUPu1
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwvklO https://t.co/cRqAcvYkI8
  • #Blackrock: We are moderately pro-risk and keep some cash to potentially further add to risk assets on any market turbulence #trading $SPX $RUT $DJIA
  • RT @BrendanFaganFx: Natural Gas Outlook: Price Continues to Soar as Severe Winter Shortage Looms $NG $NG_F Link: https://www.dailyfx.com/forex/market_alert/2021/09/28/Natural-Gas-Outlook-Price-Continues-to-Soar-as-Severe-Winter-Shortage-Looms.html…
  • USD/CAD is set to snap a five-day sell-off with today’s rally breaking near-term downtrend resistance. Get your $USDCAD market update from @MBForex here:https://t.co/GhpA2pJJqL https://t.co/sDuE9WdDEg
  • US natural gas prices continue to rise, with Henry Hub futures eyeing the 2014 high of $6.493 mmBtu $NG $NG_F https://t.co/ZtvB0X9uGR
US Dollar Trade Setups before the Fed

US Dollar Trade Setups before the Fed

Jamie Saettele, CMT, Sr. Technical Strategist

-USDJPY breakout pending?

-USDMXN and USDZAR sitting on big support levels

USDJPY

Daily

US_Dollar_Trade_Setups_before_the_Fed__body_usdjpy.png, US Dollar Trade Setups before the Fed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

The USDJPY trended higher until May. Since the 5/22 top, a triangle may have unfolded and may be complete after the 9/2 break above the May-July trendline. It’s possible that the breakout fails but operate on what has happened…to this point, that is a breakout.

It’s worth noting that the 21 day (1 month) and 126 day (6 month) averages are aligned in a bullish manner again. The proximity of the averages to each other and price indicate a compressed range that typifies conditions prior to a breakout.

USDJPY

8Hour

US_Dollar_Trade_Setups_before_the_Fed__body_usdjpy_1.png, US Dollar Trade Setups before the Fed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

I am long USDJPY against the month to date low (98.20). Options volatility implies roughly a 1.4% move from current price. 1.4% on each side of 99 = 97.63 and 100.39. A trendline confluence lines up with the 8/30 low at 97.90 so I’ll look for support at 97.60/90 is taken out longs.

100.39 is just shy of last week’s high of 100.60. If the reaction is positive, then resist the temptation to chase into the top of the range. Rather, take some off of the table. FX Technical Weekly expands on the Yen.

USDMXN

Daily

US_Dollar_Trade_Setups_before_the_Fed__body_usdmxn.png, US Dollar Trade Setups before the Fed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

USDMXN is really darn close to trendline support and has already responded to the 7/31 high as support. Yesterday’s inside day at support is a setup that I look for too.

I’m looking higher towards 13.15 but am not yet positioned. A push into 13.04/05 and pullback would probably present a long opportunity. Keep abreast of the situation via Twitter @JamieSaettele.

USDZAR

Daily

US_Dollar_Trade_Setups_before_the_Fed__body_usdzar.png, US Dollar Trade Setups before the Fed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

USDZAR met a head and shoulders target on Monday as well as a long term trendline (former resistance line turned support in July-see next chart). The inside day at support setup is evident.

I’m looking higher towards 10.15 but am not yet positioned. A push into 9.90 and subsequent pullback would probably present a long opportunity. A new low could also test the 126 day (6 month) average, which has been support for over a year. Keep abreast of the situation via Twitter @JamieSaettele.

USDZAR

Daily

US_Dollar_Trade_Setups_before_the_Fed__body_usdzar_1.png, US Dollar Trade Setups before the Fed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.

Jamie is the author of Sentiment in the Forex Market.

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

DISCLOSURES