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USD, Euro, JPY and GBP Price Action Setups

USD, Euro, JPY and GBP Price Action Setups

2017-04-20 19:28:00
James Stanley, Currency Strategist
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Talking Points:

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- In this webinar, we used price action-based methods to analyze macro markets in the effort of finding trades over the next few weeks.

- We started off with the U.S. Dollar, which may be on the early stages of making a bullish move to get back in the direction of the longer-term trend. We looked at two different approaches for top-side stances: The big level to watch on DXY is at 99.85, as this is the 50% marker of the post-Election move. Should prices break above this price, which also furnished prior resistance, the door could be opened to bullish strategies. Also of interest is a downward-sloping trend-line that can offer a secondary method of plotting a bullish move.

- We then moved over to EUR/USD as this pair has seen considerable volatility as we walk towards French elections. There’s a short-term bullish setup available here, with eyes on that higher-low around the 1.0700 area.

- We then looked at USD/JPY which, like DXY, may be in the early stages of another bullish move-higher. ¥109.00 is a big level here, and if higher-low support can show-up around this zone, top-side strategies can be favored with stops lodged below the prior support iteration around ¥108.25.

- We then moved over to GBP/USD. I shared why I don’t believe this recent breakout is the ‘game changer’ that many are saying that it is. I also shared that I don’t think markets care about my personal opinion on the matter; and while price action is bullish, that’s the only way to proceed unless waiting for a bearish setup to fill-in. We looked at how this could be done with the 1.2775 level of current support/prior resistance. But for now, the setup is bullish in nature, and we looked at how that could be played.

- We also looked at EUR/JPY, which has put in a V-Shaped Reversal off of the Lows. This is likely being driven by jitters around upcoming elections in France, but the big level to watch here is ¥117.50.

- We finished by taking a tops-down look at USD/CAD. The setup here is bullish in nature, and we went over a couple of different ways of proceeding further with the pair.

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

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