It's Fed week and that's going to add a big dose of volatility on Wednesday. If that's not enough than Thursday's advance look at Q2 GDP is likely to put the US into a technical recession.
My partner Greg Michalowski has a wonderful preview on the technical setup in the forex market this week. He takes a look at some calls, like SocGen saying the euro is 'still unbuyable' and how it looks on the chart after "buyer's had their shot" at a rally following the ECB.
If you want to hear USD/JPY technical analysis, skip to the 9:00 mark. Greg notes that the 135.16 level is important historical resistance and now support.
He talks about GBP/USD at the 13:57 mark. Cable is up 63 pips today but it's had a rough ride for the past year.
USD/CHF starts at 17:54 and the big double top and Friday's sharp decline are notable but we hit the 100-day moving average and have bounced off that today. It's an interesting technical chart.
Greg did a USD/CAD video on Friday but adds to it at 20:25, noting the head-and-shoulders pattern on the chart.
AUD/USD starts at 22:40 and notes a key trendline that's being tested while NZD/USD is at 24:15.
In the lead up to the Fed decision there will be plenty of chopping around so the levels Greg highlights will certainly be in play. Watch it here:
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