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USDOLLAR Heavy on GDP- Monthly Opening Range to Hinge on NFP

USDOLLAR Heavy on GDP- Monthly Opening Range to Hinge on NFP

2016-08-01 15:02:00
Michael Boutros, Strategist
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  • Setups in focus ahead off key event risk this week
  • Updated targets & invalidation levels

Friday’s GDP release prompted a break of support in the U.S. Dollar Index with the decline coming into a near-term support range to start the week / month. Although we could see some near-term recovery in the greenback, the broader focus remains weighted to the short-side sub-12028 with a break lower targeting the 100-day moving average at 11921 backed by the 50% retracement of the post-Brexit rally at 11901. Keep in mind there’s some Big Data on tap this week with the RBA interest decision tonight, the BoE on Thursday and U.S.& Canada employment figures on Friday.

Key levels discussed on USDOLLAR, EURUSD, AUDUSD, GBPUSD, USDCAD, EURCAD, Gold & Oil. Continue tracking these setups and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.

Check out SSI to see how retail crowds are positioned as well as open interest heading into the close of June trade.

Relevant Data Releases

USDOLLAR Heavy on GDP- Monthly Opening Range to Hinge on NFP

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Other Setups in Play:

Looking for trade ideas? Review DailyFX’s 2016 2Q Projections!

---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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