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- Setups on USD Crosses, Gold , GBPJPY, GBPNZD, EURAUD
- Updated targets & invalidation levels heading into June trade
- Event Riskon TapThisWeek
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:
- USDJPY Breakout Testing Initial Resistance Ahead of U.S. GDP
- AUDUSD Testing Key Support- Short Scalps Vulnerable Above 7680
- USDCAD Scalps Faces 1.25 Key Resistance Ahead of BoC, GDP
- GBPUSD Longs Favored Above 1.5540- Scalps Target May Highs
- EURCAD Pullback Stalls at Support- Sub 1.3538 to Negate Bullish Bias
---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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