USD Price Action Setups: EUR/USD, GBP/USD, USD/JPY, USD/CAD. In this video, James Stanley discusses:
The US Dollar rallied on Thursday following the NFP report with another run of strength after the Services PMI release. Given how oversold the USD had become into the Q3 open, the question remains as to whether this was simply an oversold short squeeze after some positive data or whether it was the start of a larger bullish push. At this point, I’m leaning more towards the former than the latter, but performance in major pairs in the weeks ahead will be illuminated.
EUR/USD continues to work with clean technical structure, holding support at at trendline projection looked at from the Tuesday webinar. This puts focus on both 1.1686 and 1.1748 for near-term strategy.
GBP/USD was up on the day at the time of this video and that highlights a support test at a key zone, also looked at in the Tuesday webinar, from 1.3593-1.3617.
USD/JPY is testing the 145.00 level and this pair will be key for large USD and macro themes, on both sides of the USD in the second half of the year.
USD/CAD remains an attractive venue for USD-weakness scenarios and the 1.3500 level getting closer to coming into play could have sway over near-term swing setups.
To watch the Tuesday webinar:
To watch next Tuesday’s webinar:
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