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US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/CAD - Kenyans247 / General - Kenyans247

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US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/CADList of Kenyans by net worth IN US DOLLARS
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US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/CAD by Saocv(m): Mon Oct 2019 11:30am
The US Dollar remains in a trend-less state near-term but a number of items on the calendar over the next few days can break that impasse.
The longer-term backdrop on the US Dollar continues to carry reversal potential.
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The US Dollar continues to meander, driving a state of short-term slumber through a number of FX pairs as we trade deeper into Q4. While a variety of themes/threats remain in the headlines that can possibly evoke some volatility, little has yet come to light and it appears as though many markets are waiting on that next big thing, whatever that might be.

Specifically looking at the US Dollar, US data on the economic calendar in the coming days may feed into some movement. Given the outlay last week in which the US currency displayed high sensitivity to ISM prints on Tuesday and Thursday, we’ll likely see considerable attention paid towards these upcoming drivers. Chair Powell speaks a little later this morning (10:30 AM ET) and FOMC meeting minutes from the September rate decision will be released at 2PM ET. Tomorrow brings CPI data for the month of September and given the flat wage growth in Friday’s NFP report, this should be interesting. And then Friday brings consumer sentiment numbers amidst a number of questions revolving around US consumer strength.

Ahead of the drivers the US Dollar remains in the rising wedge pattern that’s been building throughout this year. Last week saw resistance come into play on the first day of Q4, around that ISM manufacturing miss.

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