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FX Markets Brace for Yellen - Ethereum Breakout Accelerates

FX Markets Brace for Yellen - Ethereum Breakout Accelerates

Michael Boutros, Strategist

Price action hasn’t been all that inspiring lately but it’s a good time to have your levels all mapped out for when volatility returns. The DXY is heading into near-term support to open the week and likewise we’ll be watching EURUSD.

Cryptocurrencies continue be of interest at these levels with a breakout in Ethereum prices keeping our focus. Initial resistance targets are eyed at 347/50 where the 78.6% retracement of the June decline converges on up-slope resistance. Initial support now 314.

See our New 3Q FX projections in the Free DailyFX Trading Forecasts.

Highlighting this week’s event risk will be the annual Jackson Hole Economic Symposium with European Central Bank (ECB) President Mario Draghi & Federal Reserve Chair Janet Yellen slated for commentary late in the week.

In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, Gold, AUDUSD, NZDUSD, GBPUSD, AUDJPY, GBPNZD, EURAUD, ETHUSD, BTCUSD, GBPJPY, XPDUSD.

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


Key Data Releases

Economic Docket 8/21/2017

Other Setups in Play:

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---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.