We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bullish
More View more
Real Time News
  • RT @carlquintanilla: Blame the Fed. Blame tariffs. Blame GM. Blame Boeing. But US industrial production has fallen from 5.4% growth in Sept…
  • 🇺🇸 USD DOE U.S. Crude Oil Inventories (JAN 17), Actual: -405k Expected: N/A Previous: -2549k https://www.dailyfx.com/economic-calendar#2020-01-23
  • RT @QuickTake: JUST IN: The U.S. State Department says to reconsider travel to China, raises its advisory for the country to level 3 amid u…
  • RT @EconguyRosie: Today's decline in the Conference Board LEI, the downward revisions and the negative YoY trend leaves the outlook with tw…
  • 👀 https://t.co/h50XsheVmy
  • $RUT $RTY $IWM | Russell 2000 off its Jan 17 peak by roughly 2.25% #Stocks #StockMarket #Trading #TechnicalAnalysis https://t.co/05gcfNQj40
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.47% 🇦🇺AUD: 0.07% 🇳🇿NZD: -0.04% 🇨🇭CHF: -0.14% 🇬🇧GBP: -0.27% 🇪🇺EUR: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JAI7Vvb2et
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: US 500: -0.26% Wall Street: -0.37% France 40: -0.47% Germany 30: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/W0Akx48sao
  • Heads Up:🇺🇸 USD DOE U.S. Crude Oil Inventories (JAN 17) due at 16:00 GMT (15min), Actual: N/A Expected: N/A Previous: -2549k https://www.dailyfx.com/economic-calendar#2020-01-23
  • from wedge resistance to wedge support $EURJPY https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/01/18/Euro-Weekly-Forecast-EURUSD-Range-EURJPY-Wedge-Ahead-of-ECB.html https://t.co/bAGbxFR0M4
USD Threatens June Correction- Dollar Crosses in Focus

USD Threatens June Correction- Dollar Crosses in Focus

2018-06-04 16:12:00
Michael Boutros, Technical Strategist
Share:

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).

New to Forex? Get started with this Free Beginners Guide

Key Data Releases

 Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play:

Why does the average trader lose? Avoid these Mistakes in your trading

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

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.