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
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
USD/JPY
Bullish
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
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. USD/INR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions #Rupee $USDINR #RBI - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/12/06/US-Dollar-Outlook-USDINR-Rate-May-Gain-After-RBI-Shocked-Markets.html?CHID=9&QPID=917702 https://t.co/dFKMQgBVVH
  • EUR/GBP has plummeted to a 19-month low while GBP/CAD and GBP/USD are re-testing critical resistance channels. $GBPAUD has reached a three-year high but will upside momentum last? Get your market update from @ZabelinDimitri here:https://t.co/TqzxCRSnjN https://t.co/cT3qQUTvvr
  • Asia Pacific Equities Update: Nikkei 225 (+0.31%), Shanghai Composite (+0.02%), ASX 200 (+0.25%), KOSPI (+0.90%) [delayed]
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/sRI9CDkTAQ
  • British Pound Outlook Bullish Ahead of BBC Debate, UK Election- https://www.dailyfx.com/forex/market_alert/2019/12/06/British-Pound-Outlook-Bullish-Ahead-of-BBC-Debate-UK-Election.html
  • DAX off its recent highs, but only looking like a pullback so far. Get your technical analysis here: https://t.co/PztESSrAUK https://t.co/5X5qb3rGYa
  • The #Euro recoiled from resistance near the 1.11 figure yet again, with signs of ebbing upside momentum warning that a downturn is brewing ahead. Get your $EURUSD technical analysis from @IlyaSpivak here: https://t.co/ynrkWTFayR https://t.co/2N7CB3UOYi
  • So far this week, #NZD has been the best-performing major versus #USD with +2.1% spot-returns while #KRW has been the worst with -0.77%
  • My video for the final trading day of the week: '#Dollar Index Sits on 19 Month Channel Floor as #NFPs Arrive' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/06/Dollar-Index-Sits-on-19-Month-Channel-Floor-as-NFPs-Arrives.html?CHID=9&QPID=917719 https://t.co/ccL4PMDKA8
  • *I deleted all of my social media roughly 2 years ago and have not regretted it ever since. I (obviously) use Twitter, but exclusively for work purposes/trading/market news/analysis and intend on doing the same with the new Instagram account.
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

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

DISCLOSURES

News & Analysis at your fingertips.