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Direction-less Dollar: Price Action Setups

Direction-less Dollar: Price Action Setups

2016-09-27 18:44:00
James Stanley, Strategist
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Talking Points:

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- In this webinar, we used price action to analyze macro markets after last week’s Federal Reserve and Bank of Japan Central Bank meetings.

- With the Dollar index remaining in a relatively trend-less state, which we called ‘the middle of no man’s land,’ traders may want to look elsewhere for discernable trends or the possibility of such. We started off by looking at Oil prices with a longer-term projected trend-line on the monthly chart potentially showing us resistance for a longer-term setup. On a shorter-term basis, price action has found support on the Fibonacci level at $42.89, and breaks below this level could open the door for even lower-lows.

Direction-less Dollar: Price Action Setups

- We also looked at the German DAX. As many are looking to trade turns in equities, European stocks may be the most vulnerable given current outlay and policy from representative Central Banks. We had looked at a short DAX position last month, and in the webinar I went over the criteria to look at adding another piece to the position.

- We then moved on to Gold to look at the continued bull flag formation. Gold would be a market that a trader may want to carry a single-sided biases towards given the aggressiveness of top-side price action this year. We looked at a recent support level within the flag-channel that could open the door for top-side plays; with the benefit of a potential 1-to-2 risk-reward ratio within the channel. This can be beneficial because, should the channel break with a top-side move thereafter, the initial trade could be used to build a larger position.

- Then looking at the US Dollar, we looked at USD/JPY and GBP/USD while both are near intermediate-term support values. This could open the door for cross-plays or perhaps even a hedged-USD strategy.

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

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Contact and follow James on Twitter: @JStanleyFX

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