Strategy Webinar: Dollar Recovery Looks to FOMC Minutes for Fuel
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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.
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.