Will the market get a taste of reality from today's loaded economic calendar for North America? US Dollar, DXY, is headed towards last month's lows. But, we are Day 3 in the 3-day cycle on a Friday down low in this week's template. If the NFPs and ISM/PMI cumulatively counter the dovish Fed narrative, fasten your seat belts and get ready for a surprise!
We have prospects of a long squeeze setting up at a supply area on the daily chart.
Perhaps this week's turnaround in the DXY correction is in its infancy? DXY index ahead of the Federal Reserve certainly looks poised for further gains in line with the recent break of this week's highs and off today's support in the closing price of yesterday. Fundamentals are aligned bullish also. The risk to the Dollar would be on a dovish interpretation...
Gold Price remains in line with the morning thesis but it all now depends on the Fed.
The Watchlist for the US day ahead. Bit of a minefield today so probably staying out, but here is a snapshot of the market for you all.
I am leaning bullish on the US dollar from all sides and in this video, I explain why. However, its Fed day, and I'm not going to try and second guess the market. Instead, I prefer to sit on the side lines UNLESS there is a no-brainer 90/10 trade set up. Let's see what we get!
Just looking att he market structure of the DXY index for the US session.
Correction to watchlist, there are no FRD's!!! There are no FRDS guys!!!
We are looking at FX, commodities and Indices for the day ahead and PCE risk in New York session.
In this watchlist, we look at Gold and Oil, US30, US100 and US500.
In this video, we have a Watchlist creation ahead of ECB/ US data for the day ahead in forex.
Watching the levels as the US30 dumps into the hands of the bulls for a latter-day trade long perhaps.
US30 could be on the verge op a rally in the day ahead. The following offers a set-up plan.
As part of the bearish analysis, GBP and EUR vs JPY could be setting up for a short for the US session.
In this video, I explain how I approach the market as I come into the trading day looking for what is setting up.
CAD was a textbook FRD D3 3-day cycle trade as the video explains.
The following is a scan of the markets ahead of the Wall Street open. US Dollar strength would be ideal for setups to play out. Let's see what the market gives us.
WTI Bullish into last week's range again with prospects of an upside continuation for the day ahead.