You know it’s going to be a good week when you see a couple of central bank speeches and statements on your calendar!
Last week our trader friends focused on yen and dollar strength on stronger speculations of the Fed tapering soon. Well, the dollar bulls and bears will finally know more about the Fed’s schedule this week! The dollar could end the month on a strong note if the Fed decides to be more specific about its plans. Of course, the FOMC minutes could also disappoint especially if the Fed takes the wait-and-see approach.
The Fed isn’t the only star of the show though. This week we’ll also hear from the ECB, RBA, BOJ, and BOE officials. There’s room for a bit of jawboning during those speeches, so be careful in committing to a direction this week!
Last week a stronger-than-expected USD rally took out my GBP/USD trade. This time I’m looking at a possible resistance at an area of interest and former support. What makes this setup more exciting is that I’m also seeing a potential crossover of the 100 and 200 SMAs. I can’t wait to see how this unfolds!
Is it time to load up on USD/JPY again? The dollar has just tested a rising trend line on the 4-hour chart, which is further supported by the 100 SMA. I’m not quite sure yet if I want to put on a position ahead of the FOMC minutes. I hope I’m not missing out by choosing to stay by the sidelines for now!
How about you? See any good setups this week? 🙂