Setups in focus ahead off key event risk this week
Updated targets & invalidation levels
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While the FOMC rate decision last week did charge a good deal of volatility, our outlook remains broadly unchanged on the USD crosses. Fed Fund Futures are still pricing in a December rate hike but on the heels of last week’s updated quarterly projections, the expected path of future hikes has flattened and continues to weigh on the greenback. The economic docket is rather light until later in the week but we do have a host of Fed & ECB officials slated for speeches.
Key technical setups discussed on USDOLLAR, GBPAUD, USDCAD, Crude Oil, NZDUSD, USDJPY, EURUSD, EURAUD, Gold EURGBP, GBPUSD & GBPJPY. Continue tracking these setups and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.
Relevant Data Releases
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Other Setups in Play:
GBP/AUD at Risk for Key Reversal Above 1.6977
CAD Rally Looks to CPI, Retail Sales for Fuel
NZD/USD: Near-term Range Braces for RBNZ; Key Resistance 7450
USD/JPY at Risk for Major Washout as Traders Gear Up For BoJ, FOMC
---Written by Michael Boutros, Currency Strategist with DailyFX
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