US Dollar Price Action Setups
This is a live webinar being hosted over the Youtube platform, and upon conclusion, the archive will be available in the above video player.
The focus for today’s webinar is price action across FX pairs along with a couple of key commodity and equity market indices after yesterday’s FOMC rate decision. That rate decision produced a volatile move in the US Dollar, with the currency dropping around the release of the statement; but soon after finding support and rallying through the press conference.
US Dollar Four-Hour Price Chart
Chart prepared by James Stanley
That US Dollar strength remains in to today’s trade, and tomorrow brings the Non-Farm Payroll report out of the United States. The expectation is for +190k jobs to have been added in the month of April, and this has the potential to keep the US Dollar and, in-turn, major currency pairs on the move.
EUR/USD is interesting ahead of tomorrow. Yesterday’s initial move of USD-weakness saw the pair pop-up to last week’s highs, finding a bit of resistance in the zone that runs from 1.1250-1.1262. That zone held the highs as bears quickly came back, and price action pushed back-down to prior range support, the zone that runs from 1.1187-1.1212. We’ve since seen price make a push below this zone, but this may be more of a ‘trap setup’ considering the driver on the calendar for tomorrow.
EUR/USD Hourly Price Chart
Chart prepared by James Stanley
To read more:
Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts for Q2 have a section for each major currency, and we also offer a plethora of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.
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--- Written by James Stanley, Strategist for DailyFX.com
Contact and follow James on Twitter: @JStanleyFX
