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4-Hour Charts Preparing To Go Long-Usd

Excerpts from The Trader Advantage Program
 
Global Trade
Overnight forex trade has left major pairs at their opening prices. and within very tight trading ranges. Tuesday price action showed global equities going through a period of transition, and a dollar index that although still in short mode is still able to offer bullish tests of 86.50 resistance.
 
Now that the S/P is trading within the 1115 to 1105 range, the market may just sit in a sideways channel waiting for a fundamental reason to move. Expect forex moves to come only as regional markets open and close, with very little in between of note.

There are reversal signals on the 4-Hour charts that are against the major currencies, but will need Tuesday trade to close before confirming that the majors have enough speculative interest to maintain the recently moves against the greenback.
 
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Near-term Forex Hot-Spots
 
Eur/Usd recycled lower to test 1.2300 support, as we called for earlier, and now we are waiting on a confirmation signal that momentum is strong enough to go long. Gbp/Usd pulled back to the 50-day SMA, just as we highlighted it probably would, and we await confirmation that 1.4800 can break as resistance, again.

Aud/Usd gapped higher and then just sat there, and as much as this is a bullish pair it is hard to buy a near-term overbought read; the path of least resistance may be a test of 0.8700 support. Usd/Cad is in a short momentum mode but will need to see a reaction to 1.0250 resistance before we can get involved.

Usd/Jpy made a break higher against the trend, through the 200-day SMA area and we now await a re-test of support at 90.90.

Global Market Hot-Spots
 

As from Jun 01 10 the signals posted to clients each day will be inclusive of any Trade Plan that the trade team sees as having the potential to move.
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S/P Futures (equity/risk markets) are in long mode. The main support area is at 1105, and if that holds the dollar will not be able to easily find buyers. The dollar index is in short mode in the near-term, with 86.50 as resistance that is being tested in trade on Tuesday.


Disclosure: Clear