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Near-term Setups in DXY, NZD/USD, EUR/NZD & AUD/USD

Near-term Setups in DXY, NZD/USD, EUR/NZD & AUD/USD

2017-02-16 19:55:00
Michael Boutros, Strategist
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DXY 120min

DXY 120min Chart

DXY: The index has been trading within this ascending formation off the February low with this recent decline eyeing a key confluence support region just lower at 100.20- a region defined by the 61.8% retracement of the monthly advance, the lower median-line parallel of the ascending structure and the 100-day moving average. I’ll be looking for signs of exhaustion / long-entries on a drop into this region with a rally back above 101 needed to clear the way for the next leg higher. I’m curbing my expectations for the dollar here as far as trend and think we could see a little more chop. That said, the near-term outlook remains constructive while above 100.20.

NZDUSD 120min

NZDUSD 120min Chart

NZDUSD: One last thrust higher before turning over? Look for resistance at 7255-7283 – with my focus weighted to the downside while within this formation. A break back below the weekly open targets support objectives at 7180 & 7130/43.

EURNZD: Heading into New Zealand retail sales figures this afternoon, I’m generally looking to fade weakness while above the 1.47-handle with key near-term resistance at 1.4783 – we’ve already seen a reaction off this mark today in U.S. trade. Highlighted this setup in today’s Scalp Report.

AUDUSD: Daily divergence into the highs highlights the risk for a near-term pullback but the trade remains constructive while above the monthly open (7570/83). Levels / outlook remain unchanged from earlier this week. Latest AUDUSD Update (2/15)

Looking for trade ideas? Review DailyFX’s 2017 1Q Projections

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

Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

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

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