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Talking Points:

- USDOLLAR Continues to Threaten Bearish Formation Ahead of FOMC

- GBP/USD Outlook Remains Bullish Despite Unanimous BoE Vote

- NZD/USD Risks Fresh Highs on Dovish Fed, New Zealand 1Q GDP





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






USDOLLAR(Ticker: USDollar):

  • Fed’s updated projects for growth, inflation and interest rate will be key focus.
  • With USDOLLAR threatening trendline resistance, we need a bullish break in the Relative Strength Index (RSI) to favor topside targets.
  • At risk for lower-low on dovish statement from Federal Open Market Committee (FOMC).


  • Despite unanimous vote, BoE continues to show greater willingness to normalize monetary policy sooner rather than later
  • Seems as BoE Favors Stronger British Pound as it helps to achieve price stability.
  • Favor ‘buying dips’ as we look for a higher-low.


  • Remains capped by 0.8690-0.8700 (78.6% retracement), but breaks out of bearish RSI momentum
  • Former trendline resistance on RSI appears to be offering support
  • A pickup in New Zealand 1Q GDP (1.1%) could heighten rate hike expectations for the Reserve Bank of New Zealand’s (RBNZ) July 23 meeting.

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USD Threatens Bearish Setup Ahead of FOMC- NZD/USD in Focus on 1Q GDP

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Read More:

Price & Time: Don’t Forget About Switzerland

Running of the Bull: How FOMC Can Spark a USD Rally


USD Threatens Bearish Setup Ahead of FOMC- NZD/USD in Focus on 1Q GDP

Chart - Created Using FXCM Marketscope 2.0

  • Looking for Resumption of Bearish Trend on Dovish FOMC
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)





Current Account Balance (1Q)




Former Fed Chairman Bernanke Speaks on U.S. Economy


Fed QE3 Pace



Fed Pace of Treasury Purchases



Fed Pace of MBS Purchases



Federal Open Market Committee Interest Rate Decision



Fed Chair Janet Yellen Holds Press Conference


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