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Dollar Close to Breakout Against Euro and Aussie as Market Weighs Risk

Dollar Close to Breakout Against Euro and Aussie as Market Weighs Risk

John Kicklighter, Chief Strategist

The dollar finds itself facing stationed just below major resistance as the market contemplates the next phase of sentiment trends. As the FX market's preferred safe haven, greenback traders are watching US equities to see if there is enough will to force an S&P 500 break below 1425 that can generate the kind of deleveraging that drives investors towards liquidity. The timing for such a fundamental shift is perfect with the EURUSD, AUDUSD, AUDJPY, EURJPY and so many others at critical technical levels; but it is important to ensure that the market commits itself to such a prolific shift. The alternative can draw traders into costly false breaks. What catalysts should we watch and what would such a fundamental change look like. We discuss this and trade setups in today's video.

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Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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