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  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here: https://t.co/MzaIl7tPmZ
USD Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/CAD

USD Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/CAD

James Stanley, Senior Strategist

US Dollar Talking Points:

US Dollar Digests After Last Week’s Inverted Hammer

The past two days of price action have brought a calmer backdrop in the US Dollar. The currency reversed aggressively last week on news of additional tariffs on China, helping to wipe out a rate-cut rally that had shown in the USD. That theme of weakness lasted into this week with the surprise pricing of the Chinese Yuan by the PBoC; but since a bit of calm has developed as the US Dollar has begun to digest this recent move. Support is showing around a trend-line projection as taken from June and mid-July swing-lows. Resistance is taking place inside of a couple of confluent Fibonacci levels, from 97.86-99.94. My bias is for weakness, largely looking to last week’s inverted hammer formation in the US Dollar.

US Dollar Four-Hour Price Chart

us dollar usd four hour price chart

Chart prepared by James Stanley; US Dollar on Tradingview

EUR/USD Resistance Catches at Prior Support

EUR/USD may be set up for short-side swings. Resistance has held so far this week in the prior zone of support that runs from 1.1187-1.1212. This keeps the door open for bearish swings with stops above this week’s high around the 1.1250 level.

EUR/USD Daily Price Chart

eurusd eur/usd daily price chart

Chart prepared by James Stanley; EURUSD on Tradingview

GBP/USD Long-Term Trendline, Sellers Continue to Push

The long-term trend-line that came into play last week is still helping to hold the lows.

GBP/USD Monthly Price Chart

gbpusd gbp/usd monthly price chart

Chart prepared by James Stanley; EURUSD on Tradingview

As looked at earlier today, a short-term bear flag formation has shown up after that support bounce. It’s already started to give way, but the big question is whether sellers will be able to evoke a push down to the 1.2000 psychological level.

GBP/USD Hourly Price Chart

gbpusd gbp/usd hourly price chart

Chart prepared by James Stanley; GBPUSD on Tradingview

AUD/USD: Greater Reversal Potential After Capitulation?

AUD/USD also encroached upon a big level earlier this week when .6750 came into play. This was the 1999 high that helped to set early-2019 support after the flash crash.

AUD/USD Monthly Price Chart

audusd aud/usd monthly price chart

Chart prepared by James Stanley; AUDUSD on Tradingview

This longer-term support combined with potential capitulation begs the question as to whether the topside of the pair might have more room to run; and it may. This can keep focus on the area around .6775 for higher-low support.

AUD/USD Two-Hour Price Chart

aud/usd audusd two hour price chart

Chart prepared by James Stanley; AUDUSD on Tradingview

USD/CAD – Time to Reverse?

As looked at on Tuesday, USD/CAD had entered into my final target zone from 1.3250-1.3300 but, at the time, hadn’t yet shown any penchant for resistance much less reversal. Since then, however, the scenario has shifted – prices have broken back-below the 1.3250 marker, and this could soon re-open the door for bearish swing strategies in the pair.

USD/CAD Two-Hour Price Chart

usd/cad usdcad price chart

Chart prepared by James Stanley; USDCAD on Tradingview

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources on Gold or 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.

Forex Trading Resources

DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

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

Contact and follow James on Twitter: @JStanleyFX

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

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