Strategy Webinar: Dollar Recovery Looks to FOMC Minutes for Fuel
- Review of current / active setups into the weekly open
- Review the Foundations of Technical Analysis mini-series
- Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT
We’re looking for some more upside potential in the USD with a near-term slope in the DXY highlighting support at 93.06 to start the week. Likewise the Euro also is trading within its own near-term downslope after reversing off resistance last week.
The Aussie crosses are in focus heading into the release of the RBA minutes tonight with AUDUSD trading just above a significant support confluence just lower at 7820/30s- Look for a reaction there. AUDJPY already tested key support last week with the 85.45-86.93 range in focus to start the session.
We’ll also be looking for a low in the sterling crosses early in the week with the cable trading just above support. GBPJPY on the other hand, remains within the confines of a clean descending pitchfork formation and we’d need to see a recovery back above the overnight Asia highs to suggest a larger recovery is underway. A break lower targets 140.70s.
See our New 3Q projections on the majors in the DailyFX Trading Forecasts.
Highlighting this week’s economic docket will be the release of the UK Consumer Price Index (CPI), U.S. Retail Sales, FOMC minutes, and Australian employment.
Join Michael for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!
Key Data Releases
Other Setups in Play:
- AUD/JPY Testing Key Support as Risk Aversion Drives Yen
- Ethereum at Risk Near-term as Prices Rally to Fresh Monthly Highs
- NZD/JPY Breakdown in Focus Ahead of RBNZ, Bearish Sub-81.67
- EUR/JPY: Break of Monthly Opening Range to Offer Guidance
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.