Never miss a story from Michael Boutros

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from Daily FX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Michael Boutros

You can manage you subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Here's an update on USD crosses we’ll be tracking into the start of next week against the Australian Dollar, British Pound and Japanese Yen. Keep in mind it’s a big week of event risk with a host of central bank rate decisions and the North Korean Summit likely to fuel added market volatile. For a complete breakdown of these setups and more, review this week’s Strategy Webinar.

New to Forex? Get started with our Beginners Trading Guide!

AUD/USD 120min Price Chart

AUD/USD Price Chart - 240min Timeframe

In this week’s Australian Dollar Technical Outlook we noted that price was attempting, “the first major test of resistance on the heels of last month’s reversal and may limit the topside advances near-term. . . Initial support rests along the median-line with our near-term focus higher while above 7559 (both areas of interest for possible re-entry).”

AUD/USD has since (low registered at 7561). Aussie tested the lower median-line parallel of the pitchfork formation we’ve been tracking since the start of the week at 7559 (low register at 7561) before rebounding. IF there is more upside to go, look for a hold above this low. Ultimately a break below 7513 would be needed to mark resumption of the broader downtrend. Topside resistance levels unchanged.

Learn the traits of a successful trader in our Free eBook!

GBP/USD 120min Price Chart

GBP/USD Price Chart - 240min Timeframe

Our ‘Bottom line’ cited in this week’s GBP/USD Technical Outlook noted that, “IF the Pound has put in a low, look for support to hold at the weekly open at 1.3345 with our bullish invalidation level at 1.3302.” Sterling registered a low at 1.3353 before rebounding today. If recent price action is just a bear flag, look for topside advances to be capped by yearly open resistance at 1.3504- until then our levels / outlook remain unchanged heading into the start of the week.

See how shifts in GBP/USD retail positioning are impacting trend- Learn more about sentiment!

USD/JPY240min Price Chart

USD/JPY Price Chart - 240min Timeframe

We highlighted this near-term resistance confluence at 110.14 in yesterday’s USD/JPY Technical Outlook and price has since pulled back below the figure. The break of the weekly opening-range lowsdid not fuel acceleration here and I’m hesitant to press this any harder. That said, look for a hold below yesterday’s high on intraday advances if this is going to work with a near-term support seen at 108.80/94.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com