Talking Points:
- The US Dollar pullback is now entering its fifth day after finding resistance last Wednesday. The past five days have seen a rather vigorous retracement push prices right back down to support after last week’s breakout, and after yesterday saw the topside of the zone being tested, today finds a deeper retracement now moving towards the bottom portion of the area. Will bulls come back to continue the four-month up-trend? Or are we sitting on the cusp of a return of the bearish price action[1] that dominated the currency’s 2017 performance?
- Coming into this week we looked at setups in major pairs of EUR/USD, GBP/USD and AUD/USD[2], all of which have rallied as the USD[3] sell-off has continued. But which pairs are best positioned for a return of USD-strength, and which might be most amenable should a bigger-picture US Dollar reversal begin to show? FOMC[4] minutes are set to be released later today, and ECB meeting minutes are due to be published tomorrow morning: This can keep EUR/USD[5] in the spotlight over the next 24 hours as bulls continue to claw back prior losses.
- DailyFX Forecasts on a variety of currencies such as the US Dollar[6] or the Euro[7] are available from the DailyFX Trading Guides page[8]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[9]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[10].
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