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Webinar: Price Action Strategy in EUR/USD, USD/JPY, SPX and Gold

Webinar: Price Action Strategy in EUR/USD, USD/JPY, SPX and Gold

2016-04-14 18:22:00
James Stanley, Currency Strategist
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Talking Points:

- In this webinar we used price action to look for setups and plan strategy in key markets around the US Dollar. USD ran into confluent support earlier in the week, and this may open the door for trend-continuation approaches in numerous markets in the weeks ahead.

- We touched on EUR/USD in this morning’s Market Talk, and we went into more depth behind the setup. The key level at the moment is 1.1212, which is the 61.8% retracement of the ‘big picture’ move in EUR/USD, taking the low of .8030 and the high of 1.6037. Confirmed support off of this level could open the door for long entries.

- We also discussed USD/JPY, which is still retracing higher after bottoming out earlier in the week. The level of interest for subsequent entries in USD/JPY is in the 110.00 area, which is a) prior price action support b) a major psychological level and c) a 38.2% retracement of the most recent major move.

- We also looked at USD/CHF as an extension of yesterday’s article. In yesterday’s article, we extended our previous setup in which we were looking for resistance between .9660-.9750, but we held back from an entry given the strong nature of the Marubozu candle that printed on yesterday’s Daily chart. But given the softness being seen today in USD/CHF, this could amount to a Bearish Harami which could offer a short-entry.

- We also looked at the S&P 500. We took a long entry off of 2040 earlier in the week, but with price setting new 2016 highs, there is a lack of attractive top-side setups. However, the next entry may not be far off. For the full setup, please check out our earlier article, SPX500: Stop to Breakeven and Next Levels to Look For.

- We closed by looking at the Gold market, which is still pulling back after the Evening Star formation that printed on yesterday’s Daily chart. The bias appears to remain bullish north of $1,200, and should support develop north of here, particularly at the $1,217 area, additional top-side entries could be investigated.

--- Written by James Stanley, Analyst for DailyFX.com

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