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Near-term Setups in NZDUSD, USDJPY & EURJPY- DXY Levels in Focus

Near-term Setups in NZDUSD, USDJPY & EURJPY- DXY Levels in Focus


I highliughted this setup last week in a special report as the DXY continued to trade within a coinsolidation pattern in to the month / quarter close. Today’s rally through key resistance at 96.24/33 was short lived and if we fail to close above, could suggest near-term exhaustion for the greenback. It’s important to note that although the index did break to new monthly highs, the Euro (of which the index is 57% weighted) has NOT made a monthly low – this divergence suggests a change in behavior and often accomapies turns. The non-confirmation of a new high in the USD indicates that the recent push may be a false breakout and leaves the index vulnerable below today’s high.

USDJPY- I’ve been trading the long-side of the pair since last week and heading into key US data the focus remains higher while above slope support at 101.76/84 with our bullish invalidaiton level set to 101.20. A breach above a near-term resistance confluence at 103.50/54 is needed to clear the way for a larger advance targetting 104.47. This setup was highlighted in today’s Scalp Report.

NZDUSD- The Kiwi has been one of our best perfromers to start the week with the pair responding key to resistance earlier today at 7292/96 (bearish invlaidation now lowered to today’s spike high (7311). Downside targets remains unchanged. Review Previous NZDUSD Update (9/21)

EURJPY- I highlighted this setup last week after EURJPY responded to key slope support extending off the July low with the rally already taking out initial topside targets. Focus remains higher while above the monthly / weekly open at 113.63. Topside objectives remain unchanged. Review Previous EURJPY Update (9/29)

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---Written by Michael Boutros, Currency Strategist with DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.