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Strategy Webinar: Dollar Recovery Looks to FOMC Minutes for Fuel

Strategy Webinar: Dollar Recovery Looks to FOMC Minutes for Fuel

2017-08-14 14:55:00
Michael Boutros, Technical Strategist
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Talking Points

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.

In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, EURJPY, ETHUSD, BTCUSD, NZDJPY, NZDUSD, AUDNZD, GBPUSD, GBPJPY.

Join Michael for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

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Key Data Releases

Strategy Webinar: Dollar Recovery Looks to FOMC Minutes for Fuel

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

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