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Price Action Setups in SPX, USD, DXY, JPY and GBP

Price Action Setups in SPX, USD, DXY, JPY and GBP

2017-03-23 19:47:00
James Stanley, Strategist
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Talking Points:

- In this webinar, we used price action to look at macro markets in the effort of strategizing around current themes and economic drivers.

- The first market we looked at was the S&P 500. So far, all we’ve seen is a relatively small pullback, with support showing up at the 38.2% retracement of the 2017 move in the index. Short-term: a prior level of support around 2361 could open the door for short-term momentum trades with concentrated risk.

- We then moved over to look at the Russell 2k (IWM), which has been a bit cleaner from a technical perspective. This may be a more attractive option for U.S. Equity exposure at the moment.

- in FX land, we looked at break of a critical support zone in USD/JPY. A bit lower on the chart another support zone lurks around the 110.00 psychological level. If price action falls below that, the bullish theme is no longer attractive in the near-term and bullish strategies should be abandoned.

- For short-Yen exposure, EUR/JPY may be a bit more attractive as a candidate.

- GBP/JPY continues to be very messy; but a series of false breakouts on the under-side of price action may be highlighting a more important support level below current prices. We set up barriers on GBP/JPY; with the underside around 136.65 and top-side 140.62.

- For long-Yen exposure, we looked at AUD/JPY; as this syncs well with the ‘continued risk aversion’ theme should that scenario remain prominent.

- We then looked at AUD/USD showing resistance off of a longer-term trend-line.

- We then moved over to EUR/USD. EUR/USD has softened before testing the prior high around 1.0829; and if prices fall back below 1.0750 a reversal may be in order.

- We looked at the longer-term range in Cable with eyes on when the range may actually break.

- We finished with NZD/USD as another option for short-USD exposure.

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

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