News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • 🇩🇪 Ifo Business Climate (OCT) Actual: 97.7 Expected: 97.9 Previous: 98.8 https://www.dailyfx.com/economic-calendar#2021-10-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.03%, while traders in AUD/JPY are at opposite extremes with 79.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sHDQodRxys
  • Heads Up:🇩🇪 Ifo Business Climate (OCT) due at 08:00 GMT (15min) Expected: 97.9 Previous: 98.8 https://www.dailyfx.com/economic-calendar#2021-10-25
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.72% Silver: 0.44% Gold: 0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/IZ6h0IgiuV
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.19% 🇬🇧GBP: 0.13% 🇳🇿NZD: 0.13% 🇪🇺EUR: -0.01% 🇯🇵JPY: -0.16% 🇨🇭CHF: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Ivp76xEWHN
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.31% Germany 30: 0.15% US 500: 0.14% France 40: 0.12% Wall Street: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/BneNCWLVx5
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/QjQJp1e5dR
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/MRqSGfM1WM
  • Individual stocks or ETFs? There's a lot of differences and a lot of similarities - but which is right for you? Read more to find out.:https://t.co/JEP66vWUdw https://t.co/PL1dR31DEH
  • 🇯🇵 Coincident Index Final (AUG) Actual: 91.3 Previous: 94.4 https://www.dailyfx.com/economic-calendar#2021-10-25
US Dollar Weekly Price Outlook: DXY Rally at Risk into Yearly Highs

US Dollar Weekly Price Outlook: DXY Rally at Risk into Yearly Highs

Michael Boutros, Strategist

The US Dollar Index is trading just below the yearly highs with the advance now targeting a critical long-term Fibonacci resistance confluence just higher. Here are the key targets & invalidation levels that matter on the US Dollar Index (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

US Dollar Index Price Chart - DXY Weekly

Notes: In my previous US DollarWeekly Technical Outlook we noted that the index was approaching resistance at the 2018, “high-week close a 97.42 with a breach above key resistance at 97.87 needed to fuel the next leg higher in the Dollar.” Price has continued to respect this threshold on a weekly close basis with the greenback trading just below this zone ahead of the New York close on Friday (note the pending RSI resistance trigger in momentum).

Initial weekly support rests with the 200-week moving average at 95.90 and is backed closely by the low-week close at 95.66. Ultimately a break below the 2018 support line / 2019 opening-range lows at 95.03 is needed to suggest a more significant reversal is underway. A topside breach above the key 61.8% retracement at 97.87 exposes subsequent topside objectives at the highlighted trendline confluence around 99.30s.

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

Bottom line: The US Dollar Index is once again testing BIG resistance into the start of 2Q trade. The immediate advance remains vulnerable while below confluence resistance at 97.87. From a trading standpoint, a good spot to reduce long-exposure / raise protective stops. Looking for possible price exhaustion / reaction on a test higher for guidance- ultimately a close above is needed to keep the long-bias viable targeting slope resistance.

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

Relevant US Economic Data Releases

US Economic Data Releases

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

Previous Weekly Technical Charts

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

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

DISCLOSURES