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.

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
EUR/USD
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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Join @ZabelinDimitri 's #webinar at 10:30 PM ET/2:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/grKVmisZm2
  • “Risk off” sentiment swept Asia-Pacific markets at open as the US national security officials said that Iran and Russia have both obtained information about American voters’ registrations and are trying to influence the public about the election. https://t.co/mIqt2zl2cd
  • Next week, Thursday will offer up the US 3Q GDP, ECB rate decision and a run of FAANG earnings (Facebook, Amazon, Apple, Google) and BOJ rate decision
  • The British Pound may fall if EU and UK negotiators fail to reach a consensus as the December 31 deadline nears. The third presidential debate is on deck, how might markets react? Find out from @ZabelinDimitri here:https://t.co/kDSYzBDA3t https://t.co/Vebt5lNvym
  • “National security officials on Wednesday announced that Iran and Russia have obtained swaths of voter registration information that could support their efforts to interfere in the 2020 presidential election” - Politico
  • Market Snapshot #SP500 and #ASX200 futures sliding lower after the US government stated that Iran and Russia have been attempting to interfere in the #USPresidentialElections2020 The risk-sensitive $AUDUSD losing ground while the 'safe haven' $JPY and $USD gain ground https://t.co/M0FUCc2vjx
  • 🇯🇵 Foreign Bond Investment (17/OCT) Actual: ¥419.8B Previous: ¥1946.5B https://www.dailyfx.com/economic-calendar#2020-10-21
  • FBI to make an announcement on a ‘major election security’ issue shortly - CNBC
  • US Director Of National Intelligence Radcliffe: Identified Russia, Iran Have Taken Action To Interfere With Election
  • Heads Up:🇯🇵 Foreign Bond Investment (17/OCT) due at 23:50 GMT (15min) Previous: ¥1946.5B https://www.dailyfx.com/economic-calendar#2020-10-21
US Dollar Price Outlook: DXY Threatens Larger Recovery– Trade Targets

US Dollar Price Outlook: DXY Threatens Larger Recovery– Trade Targets

2019-08-14 15:30:00
Michael Boutros, Strategist
Share:

The US Dollar Index turned just ahead of uptrend support last week with the recent rebound threatening larger recovery in price. These are the updated targets and invalidation levels that matter on the DXY charts heading into the close of the week. Review this week's Strategy Webinar for an in-depth breakdown of this oil price setup and more.

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

US Dollar Price Chart – DXY Daily

US Dollar Index Price Chart - DXY Daily - USD Technical Outlook

Chart Prepared by Michael Boutros, Technical Strategist; US Dollar Index on Tradingview

Technical Outlook: In my latest US Dollar Weekly Price Outlook we noted that, “DXY turned from big resistance last week and IF this pullback is the start of a larger correction, look for resistance ahead of 97.87.” Price turned just ahead of confluence support last week with the rebound now trading within the 97.71/87 resistance zone- look for a reaction here.

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

US Dollar Price Chart – DXY 120min

US Dollar Index Price Chart - DXY 120min - USD Technical Outlook

Chart Prepared by Michael Boutros, Technical Strategist; US Dollar Index on Tradingview

Notes: A closer look at DXY price action shows the index trading within the confines of a broad ascending pitchfork formation extending off the June lows with the weekly opening-range now taking shape just below the confluence resistance at 97.87- a region defined by the 61.8% retracement of the 2017 decline and the 38.2% retracement of the August range.

A breach above this region would expose topside resistance objectives at 98.07/12 backed by the median-line / 61.8% retracement at 98.27- look for a reaction there IF reached. Ultimately a topside breach / close above the yearly high-day close at 98.40 would be needed to mark resumption of the broader up-trend. Support steady at the 97.21 with a break below 97.02 needed to suggest a more significant high was registered this month. Such a scenario would have us targeting initial support objectives at 96.52.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: The US Dollar is testing near-term resistance here – IF broken, look for a larger recovery towards the median-line / uptrend resistance. From a trading standpoint, a good place to raise protective stops – ultimately, a larger recovery would have us looking for possible exhaustion / favorable short-entries on a stretch higher towards 98.27.

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

---

Relevant US Data Releases

US Economic Calendar - USD Key Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

Active Trade Setups

- Written by Michael Boutros, 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