A lot of FOMC members speaking today. Keep an eye on those risk events – also some tier 2 and tier 3 data coming out of America today. Each day I do full technical analysis on the US Dollar before I look at any other pairs. If USDollar is ranging then I may consider scalping trades for the day until I have a confirmed direction. Alternatively I use the Dollar Index to support a bullish or bearish bias I have of the US Dollar based on fundamental data (election and rate hike). The below charts provide technical analysis for a trade weighted Dollar Index.

Tier 2 and 3 Data Releases for Today
1. Core Durable Goods Orders 14:30 SAST
2. Durable Goods Orders 14:30 SAST
3. Crude Oil Inventories 16:30 SAST

Today’s Risk Events
1. OPEC Meeting 16:00 SAST
2. FOMC Chair Yellen (Voter, Dove) Testifies 16:00 SAST
3. FOMC Member Bullard (Voter, Hawk) Speaks 16:10 SAST
4. Chicago Fed President Evans (Non-Voter, Dove) Speaks 19:30 SAST
5. FOMC Member Mester (Voter, Hawk) Speaks 22:35 SAST

USDollar Daily

Market Direction: Sideways... Price Direction: Bearish with a target of MS1 or MM1. Note data releases and FOMC events could change this... Support and Resistance: Top of the current range at MM3, bottom of the current range at MS1 - MM1.

USDollar H4

Market Direction: Sideways... Price Direction: Sideways... Support and Resistance: Bottom of range highlighted in green. Top of range highlighted in red.

USDollar H1

Market Direction: Sideways Price Direction: Descending triangle. Notice how fewer and fewer bulls are buying at support and our highs are getting lower and lower. Support and Resistance: Bottom of range highlighted in green. Top of range highlighted in red. Trendlines indicate resistance.

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