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USD Price Action Setups Pre-FOMC, NFP

USD Price Action Setups Pre-FOMC, NFP

James Stanley, Senior Strategist

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- In this webinar, we used price action to analyze USD-markets ahead of a heavy batch of data. Tomorrow brings the Federal Reserve, followed by a pivotal Bank of England meeting the day after, and Non-Farm Payrolls on Friday.

- The U.S. Dollar is continuing to test a long-term batch of support around the 99.5-100.00 level on DXY.

- The first bullish-USD setup that we looked at was in USD/JPY. While USD/JPY has also been mired in retracement for much of 2017, the move-lower has been quite a bit more-shallow, as we have yet to test the 38.2% Fibonacci retracement of the post-Election move.

- For short-USD exposure, we looked at GBP/USD as the pair has continued to put in bullish price action since Theresa May’s ‘Brexit’ speech helped to set a low just two weeks ago. At the last Super Thursday, in November, the Bank of England shifted their inflation forecasts-higher, and this drove the British Pound to fresh near-term highs. While Brexit fears de-railed that up-trend in early January, recent bits of clarity from Theresa May’s Brexit speech followed by the U.K. Supreme Court ruling may have given enough certainty in the fundamental backdrop to stage a move-higher.

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

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

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