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  • RT @BrendanFaganFx: 78 counterparties take $1.240 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/IOcumNHCmc
  • here we go - starting right now https://www.dailyfx.com/webinars/643096611 https://t.co/SBRIykorY8
  • SEC Chair Gensler: - Working with Congress on crypto would help - A large number of crypto investors could be harmed
  • Pre-FOMC US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/21/Pre-FOMC-US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-USD-JPY-USDJPY.html https://t.co/Vyj5hwVXpi
  • The big question is whether the Fed announces taper tomorrow or whether they punt that announcement to the November rate decision, waiting for employment data to improve to the point of ‘significant further progress. More market update from @JStanleyFX :https://t.co/tPoLyqNFc1 https://t.co/o3ES0KKlWr
  • SEC Chair Gensler: - The market is in a better position to absorb global shocks - Securities rules give the SEC great power over crypto
  • feels like we haven't had one of these in quite a while https://www.dailyfx.com/webinars/643096611 Pre-FOMC Price Action Setups, starting right at 1pm, top of the hour 1. USD PA setups 2. Evergrande worries 3. Stonks - fly or die? https://t.co/VF15XbuuJS
  • That all said, staying patient and not chasing is prudent here imo. Tomorrow will likely be better for assessing short-term directional bias (China markets open again following holiday, post-FOMC).
  • Also, S&P Global put out a report overnight that said China would likely step in to curb “far-reaching contagion” re: Evergrande. The House is scheduled to vote on a stopgap funding bill Tuesday, which might be alleviating some investor angst around the debt ceiling as well.
  • Encouraging we recoiled higher off yesterday’s closing level. Could the pre-FOMC drift be at work? Markets were priced for potential hawkish shift and increased odds of taper timeline announcement. Perhaps seeing an unwind of that in light of recent market developments.
Crude Breaks Trendline Support

Crude Breaks Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Breaks Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A triangle formed in Crude from 7/19 to 8/21. Triangles are typically resolved in the direction of the larger trend but breakouts from triangles are usually the final leg of a larger move.

-On 8/28, price took out the 2012 high before closing nearly $3 off of the high (exhaustion?)

-Price has broken below the trendline that extends off of the 6/25 and 8/22 lows.

Trading Strategy: Short side favored below 108.50.

LEVELS: 102.21 104.29 105.51 | 106.40 107.96 109.14

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

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