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post-Rate Hike Dollar Blues: Price Action Setups

post-Rate Hike Dollar Blues: Price Action Setups

2017-03-28 18:48:00
James Stanley, Strategist
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Talking Points:

- In this webinar we used price action methods to look at macro markets, with specific emphasis on price action post-Rate hike (two weeks ago).

- Since that last rate hike from the Federal Reserve, the U.S. Dollar has been unable to catch a lasting bid and the S&P 500 has begun putting in bearish price action with a sequence of lower-lows and lower-highs.

- We started off by looking at GBP/USD ahead of tomorrow’s Article 50-trigger. Cable has put-in a rather clean up-trend, but the longer-term range still very much applies. We looked at an area to watch for near-term resistance in the effort of playing continuation of the shorter-term bullish trend into the longer-term batch of resistance.

- We then moved over to EUR/USD, which set a fresh four-month high yesterday. The big potential here would be continued strength in the Euro-zone denoting the potential for tightening from the European Central Bank. We looked at an area to watch for higher-low support to develop around 1.0750-1.0820.

- We then moved over to USD/JPY as a mechanism for USD-strength. USD/JPY is running against a pivotal level of support around the ¥110.00 handle on the pair. This is a confluent batch of support, and this could be attractive for bullish approaches.

- We then looked at AUD/USD as another setup for USD-strength. Aussie reacted off of a months-old trend-line last week, and thus far this week has continued in that direction. This could be attractive for continuation approaches provided that a lower-high presents itself.

- We then looked at USD/CAD with an interesting zone of potential resistance. If price action in USD/CAD can climb over the 1.3400 area, this can open the door to bullish approaches.

- We then closed with GBP/JPY, as the pair is running around a longer-term level of support.

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

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