EURUSD, AUDUSD and Others Ready for Dollar, S&P 500 Channel Reversals
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.
New to FX? Watch this Video.
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.