- Setups in focus ahead off key event risk this week
- Updated targets & invalidation levels
The dollar crosses remain in focus on the back of Friday’s weak U.S. retail sales print with the U.S. Dollar Index at risk for further losses. Keep in mind the monthly opening range remains intact and we’ll be looking for a break to validate our medium-term bias with key resistance eyed at 12020/28- bearish invalidation. A break below confluence support at 1190 targets subsequent support objectives at the monthly low (11881) & 11850/53. I’m holding an Aussie long from Asia trade with initial targets at 7687- the pair would need to breach slope resistance just higher to clear the way for the next leg higher. Kiwi & Euro are also of near-term interest to start the week.
Keep in mind we get CPI data this week from the UK, the U.S. and Canada with employment numbers also on tap from New Zealand & Australia. Key levels discussed on USDOLLAR, EURUSD, AUDUSD, AUDNZD, USDCAD, NZDUSD, EURGBP, 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
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Other Setups in Play:
- USD/JPY Range at Risk as Retail FX Sentiment Comes Off Extremes
- AUD/NZD Snaps Back from Slope Support Ahead of Retail Sales
- NZD/USD to Face-Off as Wheeler Deals Rate Cut
- USDCAD Advance Vulnerable Sub 1.3186 - Look Lower to Get Long
- EUR/USD Susceptible to NFP Pullback- Constructive Above 1.1060
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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