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EURUSD, AUDUSD and Others Ready for Dollar, S&P 500 Channel Reversals

EURUSD, AUDUSD and Others Ready for Dollar, S&P 500 Channel Reversals

John Kicklighter, Chief Strategist

The Forex and Capital markets will be presented with an extraordinary opportunity at critical breakouts and potential trend generation right out of the gate next week. With the US Dollar testing the top of its four-month descending channel and the S&P500 staring down the conviction in its most recent leg of its overextended climb, the promise for developing lasting trends is high. However, exceptional potential does not not necessary mean high probability. We discuss the setup for the benchmark currency and risk index in technical terms as well as what a reversal or break means for the broader markets. Hint: it could revive market-wide trend development.

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