For a PDF copy of this edition, click here.
USD is stumbling badly again today, across the board outside of a likewise weaker CAD. The Scandie strength remains in evidence, with USDNOK as the first USD pair since GBPUSD earlier this week to attempt a break higher versus the dollar. The USD story for the last several months has been a nightmare for trend and momentum traders, as every attempt at new highs and new lows has soon turned after failing to gain directional persistence.
Next week could prove a key test on that front with Wednesday’s FOMC meeting, although after so much noise from the Federal Reserve recently, there seems little anticipation around this event – ironically making it easier for the Fed to surprise on either side of expectations. Breakout signal tracker
The market environment in the major currencies has been treacherous all year as almost every range breakout, especially in major US dollar pairs, has fizzled and failed to follow through. Our EURUSD signal was stopped out at the lowered stop and we take off the AUDUSD signal today as well, perhaps later than we should have, after there was never any follow-through lower a full week after the entry.