News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
  • There is a ridiculous number of scheduled Fed speeches on the docket next week. Powell specifically will be speaking multiple times including at an ECB hosted forum on central banking (which also has a panel with Fed, ECB, BOE and BOJ heads)
  • USD Ascending Triangle, Bullish for Q4 - #DXY chart on @TradingView https://t.co/iCnRSo9N4V
  • Credit rating agency Standard & Poor's is due to give its sovereign credit rating update on Germany today ahead of weekend national elections
  • RT @BIS_org: Since the early 1990s, changes in the #MonetaryPolicy stance have affected a rather narrow set of prices – mostly in the servi…
  • Huawei's CFO Meng Wanzhou reached deal with the US Dept of Justice to return her to China - Dow Jones
  • Cleveland Fed President Loretta Mester says: - sees US GDP in 2022 between 3.75 and 4% - Supports tapering in November and concluding over the first half of 2022 - After liftoff, accommodative policy needed for some time
  • Fed Chairman Jerome Powell doesn't comment on the growth forecast or monetary policy in his introductory remarks
  • Kansas City Fed President Esther George says: - The labor market friction is fading barring a resurgence of virus - A 'normal' economy is likely to remain elusive for some time - Asset buying effects complicate the judging rate change plan
Weekly Technical Outlook: USD, S&P 500, Bitcoin at Key Levels

Weekly Technical Outlook: USD, S&P 500, Bitcoin at Key Levels

Michael Boutros, Strategist

Weekly Technical Outlook: USD, S&P 500, Bitcoin at Key Levels

Webinar highlighting featured setups we’re tracking into the close of the month. Here are the updated targets & invalidation levels that matter post-FOMC.

FOMC Interest Rate Hike: New Fed Chairman, Same Market Reaction

An in-depth review of post-FOMC price action reveals similarities in previous interest rate hikes with the broader analog we’ve been tracking in the Dollar Index (DXY) continuing to highlight further downside risk for the greenback. That said, the decline is approaching the yearly low-day close at 89.08- look for a reaction there.

Key Levels in Focus

DXY – Risk is lower while below 90- Support targets at 89.08 and 88.83/90

USDCHF- Risk is lower sub-9524- Support targets at 9424, 9400 & 9379

USDCAD- Risk is lower sub-1.30- Support targets at 1.2829, 1.2789 & 1.2720s

Gold- Constructive while above 1330-Look for a reaction on a rally into slope resistance at 1355/56

S&P 500- Focus remains on critical support at 2586/89- bearish invalidation at 2692

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Event risk is limited this week with U.S. & Canada GDP highlighting the economic calendar. In this webinar we review updated technical setups on DXY, GBPUSD, NZDUSD, USDCHF, USDCAD, SPX500 (S&P 500), Gold, Bitcoin (BTCUSD), EURCAD, CADJPY and AUDNZD.

New to Forex? Get started with this Free Beginners Guide

Key Data Releases

Economic Calendar

Other Setups in Play:

Why does the average trader lose? Avoid these Mistakes in your trading

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

To receive Michael’s analysis directly, please sign-upto his email distribution list

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES