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

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

2016-05-03 18:34:00
James Stanley, Strategist
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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).

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

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

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

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