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USD/JPY and AUD/USD Trading More Complicated without a Bernanke Spark

USD/JPY and AUD/USD Trading More Complicated without a Bernanke Spark

John Kicklighter, Chief Strategist

Fed Chairman Bernanke won points this past session by defusing what could have been a very volatile market reaction to his Congressional testimony. However, he has also made traders' lives much more difficult. With the S&P 500 carving out its smallest range in two months with sideways chop just below record highs, a breakout - bullish or bearish - looks to be an imminent risk. The same is true of the USDollar - a juxtaposed safe haven just off three-year highs. Yet, without a capable and obvious catalyst; market participants must be constantly vigilant to determine what will trigger such a move and assess whether it has follow through. We discuss the technical and fundamental bearings of the market through the next 24 hours in today's video.

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

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