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Splitting the Dollar Whilst at Highs: Bullish/Bearish USD Setups

Splitting the Dollar Whilst at Highs: Bullish/Bearish USD Setups

2016-11-17 20:13:00
James Stanley, Strategist
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Splitting the Dollar While At Highs: Bullish and Bearish USD Setups

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- In this webinar, we used price action to look at setups around the U.S. Dollar as the currency was surging to a fresh 13-year high. As we had looked at, traders can use this new high to line up setups on either side of the Dollar in order to position-in for the weeks ahead.

- We first looked at the short side of USD, and we looked at the difference in setups showing in USD/CHF and GBP/USD. While the Dollar is surging to 13-year highs, USD/CHF is testing the 8-month high, illustrating additional strength being seen in the Franc at the moment. But GBP/USD is working on a higher-low on the 4-hour chart. Should USD-strength recede, this can be an extremely attractive setup. To read more about the setup, please check out our article from earlier today entitled, GBP/USD Technical Analysis: Is This the Higher-Low? To read the analyst pick related to this setup, please click here.

- We also looked at a long-term support zone in NZD/USD. This zone between .6950-.7050 has held the lows in the pair since June, and with price action moving down there, a long setup could be sought once support actually confirms.

- We then moved on to the long side of the Dollar, first looking at USD/JPY and the prospect of even further new highs. The pair has just run into a major psychological level at 110.00. Given the veracity of the move over the past 9 days (over 800 pips), traders would likely want to wait for a cleaner element of support to show before looking to add additional long USD/JPY exposure. We highlighted a few areas to watch for such an observation.

- We also looked at USD/CAD as a long-USD candidate. This pair hasn’t been as strong of recent as USD/JPY, but the motivation is the same: In a long-USD scenario, there is a legitimate prospect of monetary divergence between the parent economies’ Central Banks. We highlighted a support zone to watch for on USD/CAD.

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

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