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DXY Do or Die – Trendline Break to Seal the Fate

DXY Do or Die – Trendline Break to Seal the Fate

Michael Boutros,

Talking Points

  • DXY responds to resistance- pullback eyeing near-term support targets
  • Updated targets & invalidation levels
  • Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)

DXY Daily

DXY Daily Chart

Technical Outlook:The DXY is responding to slope resistance extending off April highs (red) with several other technical considerations converging just higher at 101.80-102.05. The risk is weighted to the downside while below this threshold with daily support seen at the lower parallel (currently around 100.55/60) & critical support at 100.02/20.

DXY 120min

DXY 120min Chart

Notes: A closer look at price action highlights today’s rebound off near-term confluence support at 100.80/89- a region defined by the 100% extension, the weekly open and median-line support. Initial resistance stands at 101.24 with a break lower targeting 100.72 & 100.55. From a trading standpoint, I’ll favor fading strength while below today’s high with a break below this formation needed to suggest a more significant high is in place for the index. Such a scenario eyes subsequent objectives

Relevant Data Releases

Other Setups in Play:

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

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