Aug 24, 2016 - Forex: Jackson Hole and Yellen - Charts

As Mr Hawk perfectly painted the macro picture here , we are USD bullish into Jackson Hole and NFP next week.

Before we start, would like to point out here, we don't want to trade USD blindly. We do have a plan, we know where we want to open, where we want to exit and we know what kind of the risk we want to take... in advance.

So, let's check few charts and discuss possible scenario ( how we would like to trade it / what has to happen ) :

1. First important thing: we see some room for USD weakness and we would like to see that before Friday

DXY - it's an update to our Weekly Tech Overview ( please check here )

EURUSD daily chart - market is re-testing broken trend line. The best scenario would be stop hunting above 1,1350+. So, we are looking to sell rallies towards 1,1350/1,1450. Weekly close above 1,1450 will cancel the bearish scenario.

USDJPY weekly chart - no change in our view, we are still bullish here even we have been stopped out at entry level on our Trade Idea here

AUDUSD weekly chart - no change to our view we presented here. The only thing is that bulls are already tired. So, we do have two possibilities here: 1. TL on weekly will be too much for bulls or 2. bulls will go higher and eventually will test 0,80 before sell-off.

GOLD ( XAUUSD ) - daily charts, we are looking to sell. Close above 1380/1400 will invalidate the bearish scenario.

Good Luck All

Mr Price Action

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