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How to Choose the Right EUR/USD, USD/JPY, AUD/USD Breakout for the Fed

How to Choose the Right EUR/USD, USD/JPY, AUD/USD Breakout for the Fed

John Kicklighter, Chief Strategist

Extraordinary quiet and congestion for the S&P 500, dollar-based pairs and yen crosses ahead of the combination of US 2Q GDP and the FOMC rate decision reflect the extreme breakout risk we face today. (New to Forex? Watch this video.) Given the serious debate about the Fed's timetable for easing back on the stimulus reins - as well as follow event risk in Friday's NFPs - it will be difficult for the markets to make an underlying shift. In today's video, we discuss the scenarios for this important data, the dollar-risk dichotomy and preferred trade setups for the different scenarios.

Find out what event risk can threaten the trade setups talked about in today's video with the DailyFX Economic Calendar.

Market conditions change, and our strategy should reflect those changes. We have coded the DailyFX-Plus strategies for Breakout, Range and Momentum to adapt to these market shifts.

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