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Trading the Majors (Oct. 3, 2017)

Trading the Majors (Oct. 3, 2017)

James Stanley, Senior Strategist

Trading the Majors (October 3, 2017)

- If you’re looking for trade ideas, please check out our Trading Guides. And if you’re looking for shorter-term trade ideas, please check out our IG Client Sentiment.

To receive James Stanley’s Analysis directly via email, please sign up here.

- This is one of the many DailyFX webinars that we host each week, most of which are completely free to all traders. If you’d like to attend this event in the future, or if you’d like to find another of our webinars that may fit your trading style even better, please check out our DailyFX Webinar calendar to find the best session for you.

- In this webinar, we used price action to look at macro markets ahead of this week’s Non-Farm Payrolls report (to be released on Friday). As we came into this session, the U.S. Dollar had shown a steady stream of strength in the weeks’ prior, and this helped to denominate the discussion.

- We started off by looking at the U.S. Dollar via ‘DXY’. The Dollar continued the recent short-term move of strength, but with prices remaining below the key resistance zone that runs from 94.08-94.30, the longer-term bearish trend remains intact. This week sees a couple of US-based pressure points, but the big one is on Friday with the release of September Non-Farm Payrolls. Already, expectations are super low due to the devastating impact of Hurricanes Harvey and Irma.

- We then moved over to EUR/USD, which continues to grind in the longer-term support zone that we’ve been following. The big question here is when bulls return, or whether we’re headed for a deeper retracement. We outlined a couple of approaches based on how aggressively/conservatively a trader may want to treat the move.

- We then looked at GBP/USD, which is still driving lower in the short-term bearish move. This is coming very close to the 50% retracement of that August-September bullish ramp, and we may see deeper lows before the bigger-picture bullish trend is ready to return. The key zone of interest here is 1.3117-1.3187, as each of these prices are derived from longer-term Fibonacci studies, and price action remaining above this zone retains the potential for bullish longer-term strategies.

- We then moved over to USD/JPY, which continues to trade above the key zone of support/prior resistance from 111.61-112.43. Current resistance continues to show off of the 113.21-area, and this can be helped to demarcate bullish continuation approaches. Traders can look to utilize inside price action, awaiting a re-test of support in the effort of tightening the initial stop; or, traders can use outside price action by letting a bullish break open the door for current resistance to be used as higher-low support.

- We then looked at USD/CAD, which continues to run in a bullish channel that has just recently crossed the 23.6% retracement of the May-September bearish move. This bullish move can run for a while, and this opens the door to resistance around 1.2660 for those bearish continuation themes.

- AUD/USD appears to be gaining traction on short-side. After being one of the highest-flying majors as the pair ascended above the .8000 psychological level, AUD/USD has turned around and is currently carrying bearish qualities. For USD-strength continuation setups, this could be attractive given the succession of lower-lows that have begun to show on shorter-term charts.

- EUR/JPY is still bullish, but the longer we remain near support the less optimistic bullish continuation appears to be.

- GBP/JPY is becoming interesting for short-side plays, and we discussed a few possibilities in the latter portion of the webinar, before Q&A.

--- Written by James Stanley, Strategist for DailyFX.com

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

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