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Forex: Dollar Looks to Yellen to Feed Rally, S&P 500 Ready to Breakout

Forex: Dollar Looks to Yellen to Feed Rally, S&P 500 Ready to Breakout

2014-02-22 02:13:00
John Kicklighter, Chief Strategist
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Talking Points:

• Two financial benchmarks - the USDollar and S&P 500 - can give us a view of the entire market

• The intensity of risk has eased, but Emerging Markets and stimulus forecasts can revive the fear

• Be ready for active monetary policy speculation for the US, Europe, Japan and the UK

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.

A hold just below record resistance for the S&P 500 and restrained, 5-day USDollar rally is not a good place to pick up trading next week. Both may suggest 'quiet' on the surface, but the potential for serious breakouts and even meaningful trend developments is palpable. Looking ahead to next week, the docket presents many high-level event risk, but few on the scale that can single-handedly define the market's bearings. That should put traders on edge rather offer relief as the catalysts for a definitive move or large volatility event will be more difficult to spot. Two themes that remain central to our progress though retain their prominence: risk trends and monetary policy. We look at the fundamental potential and trade opportunity amongst the majors for next week in the weekend Trading 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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