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
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
GBP/USD
Mixed
USD/JPY
Bullish
Gold
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
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
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • 🇺🇸 USD NAHB Housing Market Index (SEP), Actual: N/A Expected: 66 Previous: 66 https://www.dailyfx.com/economic-calendar#2019-09-17
  • US Dollar Price Outlook: EUR/USD, GBP/USD, USD/CAD, USD/CHF https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2019/09/16/us-dollar-price-outlook-eur-usd-gbp-usd-usd-cad-usd-chf-js52-usd-chart.html https://t.co/dM4YKDP9qd
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in France 40 are at opposite extremes with 81.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SlJfOQwCAI
  • $ES_F aiming to close the gap? https://t.co/FLkoN4uukV
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 9.24% Silver: 2.02% Gold: 0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nfExwfKu63
  • $CAD: Loonie loving higher #oil prices. Canadian Dollar strengthening broadly today, as the economy is a major net exporter of crude. Gains most notable versus the #Euro with the Eurozone being a large net oil importer. https://t.co/7Un1GNkZDw
  • $AUD Australian Dollar edges lower. Souring market sentiment typical bodes ill for the Aussie, and today’s move in response to weak China industrial production data and the #SaudiOilStrike seems to be no exception. Also have #RBA minutes event risk on deck - due Monday 20:30 GMT. https://t.co/Pw5iz3tt8w
  • Crude #oil futures saw a record spike higher at the Asia open, with Brent crude gapping higher by 18% to hit 4-month highs following drone attacks on Saudi’s Abqaiq oil facility. Where is crude heading? Get your market update from @JMcQueenFX here: https://t.co/sjJM12uj6U #OOTT https://t.co/YpyUvp8lHx
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: -0.41% Wall Street: -0.41% Germany 30: -0.65% France 40: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/efvyGLtem7
  • $EURUSD down 50 pips since 6 AM ET
US Dollar Weekly Technical Perspective - DXY Battle Lines Drawn

US Dollar Weekly Technical Perspective - DXY Battle Lines Drawn

2018-10-03 16:30:00
Michael Boutros, Technical Strategist
Share:

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. The US Dollar is up more than 2% from the September lows with the index now approaching key resistance hurdles early into the start of 4Q trade. Here are the key targets & invalidation levels that matter on the DXY weekly chart.Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Forex Trading? Get started with this Free Beginners Guide

DXY Weekly Price Chart

DXY Price Chart - Dollar Index Weekly

Notes: In last month’s US Dollar Weekly Price Outlook we highlighted a critical support confluence at 93.65/89 where the 2016 low-week close and the 38.2% retracement of the yearly range, “converges on the median-line of the multi-year pitchfork we’ve been tracking off the 2015 / 2017 highs.” Price registered a monthly low at 93.81 before posting a weekly reversal with the index now testing the September highs.

Immediate resistance is eyed at the 200-week moving average, currently around ~95.70s backed by the yearly high-week close / slope resistance at 96.13- a close above this threshold would be needed to keep the long-bias in play with such a scenario targeting parallel resistance (red) / yearly highs at 96.98. Key support still 93.65/89.

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

Bottom line: The dollar recovery is targeting initial resistance objectives early in the month / quarter. From a trading standpoint, the immediate focus is on possible price exhaustion on a push higher towards down-slope pitchfork resistance near 96.13and the 2011 parallel at 96.98 – both areas of interest into the start of the month. Keep in mind we’re just now beginning to carve out the October opening range with US Non-Farm Payrolls (NFP) on tap this Friday.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

Relevant US Data Releases

USD Economic Calendar

Economic Calendar– for the latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Previous Weekly Technical Perspectives

Learn how to Trade with Confidence in our Free Trading Guide

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

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

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

DISCLOSURES

News & Analysis at your fingertips.