USD Breaking Support. Can Yellen Halt the Slide? | Vantage FX

USD Breaking Support. Can Yellen Halt the Slide?

January 13, 2017

Donald Trump’s press conference at Trump Tower in New York City on Wednesday wasn’t exactly full of healthy market content, with the USD suffering as a result. After all the market euphoria around Trump’s policies, are the realities of protectionist policies starting to sink in?

Well today it’s Janet Yellen’s turn, speaking at the town hall meeting in Washington DC (during the Asian session, so don’t get mixed up with your times here). While the Fed’s public views on monetary policy probably haven’t changed since the December FOMC meeting, I’m still not too sure what we’re going to get. Trumps fiscal policies haven’t yet been fully released, so I’m probably expecting more of the same and not a big USD move as a result of staying in line with expectations, but being a Friday I’m treating it with caution.

With the USD levels we had identified in both USD/JPY and USD/CAD throughout the week not being respected, it will be interesting to see whether she can halt the slide.

USD/JPY Daily:
Click on chart to see a larger view.

USD/CAD Daily:
Click on chart to see a larger view.

With both of these pairs printing long wicks already, it looks like this might be what the market is expecting to happen?

Keep an eye on the @VantageFX Twitter account as we follow today’s action and why not open an account with Australian regulated forex broker, Vantage FX.

Dane Williams – @VantageFX

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