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Technical Setups for the Week Ahead as DXY Flirts with Disaster

Technical Setups for the Week Ahead as DXY Flirts with Disaster

Michael Boutros, Strategist

An examination of price action highlights the risk of a near-term low in the greenback (high in EURUSD) with a look at some recent publications also reflecting subtle extremes in sentiment. That said, the DXY is still trading in risky territory and a recovery above 92 would be needed to suggest a more meaningful rebound is underway.

The crosses all look appealing at these levels with EUR & CAD favored in the scenario of USD strength (short EURUSD / long USDCAD) while GBP & AUD are favored in the event of USD weakness (long GBPUSD & AUDUSD).

New to FX? Review this Free Beginners Guide to get started!

Highlighting this week’s event risk will be the central bank interest rate decisions from the Bank of England (BoE) and inflation data from the both the UK & U.S. Keep in mind it’s the blackout period for Fed officials ahead of next week’s highly anticipated FOMC interest rate decision.

In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, GBPUSD, USDCAD, Gold, AUDUSD, ETHUSD, EURNZD, GBPJPY, USDJPY and NZDUSD.

Join Michael for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

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Key Data Releases

Weekly Economic Docket 9-11-2017

Other Setups in Play:

See our 3Q FX projections in the Free DailyFX Trading Forecasts.

---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.

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

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