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USD Threatens June Correction- Dollar Crosses in Focus

USD Threatens June Correction- Dollar Crosses in Focus

Michael Boutros, Strategist

USD Reverses from Key Resistance Zone

Last week we highlighted a key confluence resistance range in the US Dollar Index (DXY) at 91.20/27 and, “although the broader outlook remains constructive, the near-term technical picture suggests price may be vulnerable heading into this key zone.” The USD closed just below this threshold on Friday and the risk remains for further losses while below this threshold.

Key Levels in Focus

DXY – Resistance at 94.20/27. Initial support at 93.43 & 92.64, broaderbullish invalidation at 92.28

EURUSD – Key near-term support at 1.1705(subsequent support 1.1616). Resistance 1.1827 backed by 1.1915

AUDUSD – Initial support 7582 with bullish invalidation now raised to 7481. Topside resistance objectives at 7660 backed by 7708 (head & shoulders measured objective)

USDCHF – Support at 9846/52- Resistance & near-term bearish invalidation at 9908

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

The Reserve Bank of Australia (RBA) interest rate decision highlights a rather light week of event risk. In this webinar we review updated technical setups on DXY, EURUSD, AUDUSD, USDCHF, USDCAD, GBPUSD, GBPAUD, GBPJPY, Gold, SPX (S&P 500).

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---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.