Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Webinar: USD Bursts Higher: Trade it, or Fade it?

Webinar: USD Bursts Higher: Trade it, or Fade it?

Talking Points:

- This is an archived webinar of the Price Action session hosted in the Live Trading Room of DailyFX on May 3rd, 2016.

- The first setup we looked at was SPX500. The potential for a ‘bigger picture’ turn is there, but near-term price action is still holding higher-low support, so this isn’t quite a bearish setup as of yet. We had taken a look at the Doji on the Monthly chart which, as we saw in November and again in February, Doji’s can often prelude outsized swing moves.

- Near term structure is still supported above the 2,050 level, and this could offer top-side extension potential; but should this give way to a lower-low, bearish setups could be investigated further. We go over the setup in more detail in the article, At Support, but Beware the Monthly Doji.

- We also expanded upon the EUR/USD setup discussed in this morning’s Market Talk article. While the US Dollar is showing strength against pretty much every currency today, the Euro has remained a bit stronger. This could highlight the potential for strength should USD weakness come back into play. EUR/USD has just caught resistance on the under-side of a prior bear-flag formation, and, at the very least, this could urge caution for trend-continuation setups. We looked at a potential support zone to plot re-entry potential (shown below).

Created with Marketscope/Trading Station II; prepared by James Stanley

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

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES