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Scalp Webinar: Key Levels on USD Crosses in Focus Ahead of NFP

Scalp Webinar: Key Levels on USD Crosses in Focus Ahead of NFP

Michael Boutros, Strategist

Talking Points

USDOLLAR Daily

Chart Created Using FXCM Marketscope 2.0

Notes:The greenback is in focus heading into the start of June trade with the Dow Jones FXCM U.S. Dollar Index (Ticker: USDOLLAR) breaking through near-term resistance today at 11990. Key topside resistance stands at the confluence of the median-line parallel and the April 14th reversal close at 12071. Subsequent topside objectives eyed at 12123 the yearly high at 12162.

Interim support rests at 11990 backed 11960- (bullish invalidation). Bottom line- the trade remains constructive near-term while above 11960 with a break below shifting the scalp bias to the short-side targeting key support at 11880/98. Key event risk mounts later in the week with ISM Non-Manufacturing, ADP Employment & Non-Farm Payrolls on tap.

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Relevant Data Releases

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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

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