Talking Points:
– EURUSD and GBPUSD look weak despite yesterday’s late rally.
– AUDUSD proving the strongest, weathering headwinds from China.
– Several important events on the US economic calendar today.
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The US Dollar has gained little traction in the wake of the FOMC’s taper decision last week, and as a result it has experienced choppy trade versus the components of the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR).
While the EURUSD and GBPUSD remain below at or below their post-FOMC lows, and the USDJPY remains near its post-FOMC highs, the AUDUSD has broken free of risk trends and continues to rise despite perceived headwinds. Short-term consolidations in these four pairs offer identifiable and actionable trading points over the next few days to reference.
Read more: Euro Short-term Breakdown Gathering Pace: EUR/USD, EUR/AUD
— Written by Christopher Vecchio, Currency Analyst
To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com
Follow him on Twitter at @CVecchioFX
Source: Daily fx
