US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, NZD/USD

(MENAFN- DailyFX) US Dollar Price Action Talking Points:TheUS Dollarhas gained into this morning with a bit of position squaring ahead of Jackson Hole. This webinar looks at setups across the US Dollar. DailyFX Forecasts are published on a variety of markets such asGold , theUS Dollarorthe Euroand are available from theDailyFX Trading Guides page . If you're looking to improve your trading approach, check outTraits of Successful Traders . And if you're looking for an introductory primer to the Forex market, check out ourNew to FX Guide .

The Jackson Hole Economic Symposium is now just around-the-corner and the US Dollar has pushed right back towards prior resistance around the 98.50 level in advance. The Greenback put in five consecutive days of gains, further recovering from the post-FOMC sell-off after the additional tariffs on China were announced. Today's price action is working on a not-yet-completed bearish engulfing, which could keep the door open for bearishUSDsetups. In this webinar, I looked at areas of interest on both sides of the matter.

Chart prepared byJames Stanley ;US Dollar on Tradingview

There have been some pretty bearish facts coming into play around theEuroover the past week. This morning brought the resignation of the Italian Prime Minister, which has actually led to a net move of strength so far. Last week brought the announcement that the ECB was looking at 'something big' for their September rate decision. I'm keepingEUR/USDon the long-USD side of the ledger going into Jackson Hole, anticipating that USD-strength may price in well here should that theme come about from theFOMCnot sounding as dovish as what markets are looking for.

Chart prepared byJames Stanley ;EURUSD on Tradingview

I looked at the long side ofGBP/USDand the pair has continued to develop in that direction over the past week. A long-term trendline came into play a few weeks ago and since then, sellers haven't been able to push down to a fresh low. I'm continuing to look at topside, although price proximity to resistance was unattractive at the moment. But, a forward push up to 1.2250 keeps the door open for support at prior resistance 1.2191-1.2211.

Chart prepared byJames Stanley ;GBPUSD on Tradingview

I'm not a huge fan of the current setup inUSD/JPYbut, as shown in the webinar, the potential for short-side swings is there with a hold of lower-high resistance taken from a Fibonacci level at 106.66.

Chart prepared byJames Stanley ;USD/JPY on Tradingview

Recent reports indicate that the Swiss National Bank has been actively intervening in markets to stem Franc strength against the Euro. This makes the prospect of short-side scenarios inUSD/CHFnot as attractive as they were last week, and there may even be scope for a bullish reversal, particularly for long-USD scenarios.

Chart prepared byJames Stanley ;USD/CHF on Tradingview

I've been following the .6750 price onAUD/USDfor a little while now and, so far, this has helped to hold sellers at bay over the past few weeks. But – each of those responses are bringing less and less firepower, leading to the build of a descending triangle. This can open the door to the short side of the pair, looking for that price of .6750 to soon become breached.

Chart prepared byJames Stanley ;AUD/USD on Tradingview

On the opposite end of the spectrum,NZD/USDcontinues to show evidence of having bottomed. Last week I looked at the initial build of a falling wedge pattern and this led to a continued test of support at the .6403 Fibonacci level, which is the 61.8% marker of the 2008-2011 major move in the pair. This can open the door to bullish reversal potential, initially targeting .6450, followed by a re-test of the area around .6500.

Chart prepared byJames Stanley ;NZD/USD on Tradingview

I've been followingUSD/CADfor a bearish turn of recent but that hasn't yet shown up. Prices at this point continue to test resistance around multi-week highs, and there isn't yet evidence that sellers are ready to make a push. However, tomorrow brings Canadian inflation and that could soon change. Resistance potential remains in the 1.3361-1.3385 area on the chart.

Chart prepared byJames Stanley ;USDCAD on Tradingview

Are you looking for longer-term analysis on the U.S. Dollar? OurDailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources onGoldorUSD -pairs such asEUR/USD ,GBP/USD ,USD/JPY ,AUD/USD . Traders can also stay up with near-term positioning via ourIG Client Sentiment Indicator .

Forex Trading Resources

DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, ourIG Client Sentimentshows the positioning of retail traders with actual live trades and positions. Ourtrading guidesbring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and ourreal-time news feedhas intra-day interactions from the DailyFX team. And if you're looking for real-time analysis, ourDailyFX Webinarsoffer 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, ourNew to FX guideis there to help new(er) traders while ourTraits of Successful Traders researchis 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

MENAFN2008201900760000ID1098904793

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.