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Trading the Majors, post-ECB (6.8.2017)

Trading the Majors, post-ECB (6.8.2017)

James Stanley, Senior Strategist

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Talking Points:

- In this webinar, we used price action to look at major markets after this morning’s ECB meeting and the testimony of former FBI Director, James Comey. Remaining on the docket are U.K. election results, and this was a key aspect of what we looked at in GBP-pairs.

- The first market that we looked at was EUR/USD after this morning’s ECB rate decision. The ECB statement, itself, was not very dovish as the statement referencing future rate cuts was removed: However, the press conference and Mr. Draghi’s comments appeared to be very dovish as he said the ECB had further room to cut rates and embark on more stimulus. This brought a quick dose of weakness to the Euro, but support showed up shortly thereafter and most Euro markets are exhibiting some form of buyer support as we head for the U.S. close.

- We then moved over to GBP/USD ahead of U.K. election results. While I do not expect the same degree of volatility around Brexit, as traders, we must be prepared, and these types of unpredictable events should be encountered with a heavy dose of caution. We looked at a ‘box’ in price action that’s showed up after the mid-April bullish breakout. This box can be used for directional biases after tonight’s election, as we discussed in the article, The 300-pip Box, post-Breakout.

- We then moved over to USD/JPY, which may be showing the initial signs of reversing the previously bullish move. The big level/zone here is around ¥110.00 with a second area of resistance to watch at ¥110.80 to open the door for bullish continuation strategies.

- We then moved over to Gold prices, which have recently displayed sensitivity around the James Comey situation. We discussed this yesterday in the article, V-Shaped Reversal Runs into Resistance at the April high.

--- Written by James Stanley, Strategist for

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