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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/mAMhWbV6Jy
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/2AeO1AdD2M
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/INJz4NSugQ
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZX8cS https://t.co/qdrsi61CN8
Dollar Price Outlook: USD Reversal- Relief Rally or Resumption?

Dollar Price Outlook: USD Reversal- Relief Rally or Resumption?

Michael Boutros, Strategist

US Dollar Technical Price Outlook: DXY Weekly Trade Levels

  • US Dollartechnical trade level update – Daily & Intraday Charts
  • USD marks second consecutive weekly reversal covering half the yearly range
  • DXY price recovery vulnerable sub-101.95

The US Dollar surged more than 2.4% this week with DXY trading at 100.79 ahead of New York close on Friday. The rally comes on the back of the largest weekly decline in more than ten years with the index posting ranges of 2% or more for the fifth consecutive week. Back to back weekly swings of this scale have clouded the technical picture with the Coronavirus headlines adding even more uncertainty. That said, the recent recovery remains vulnerable in the days ahead and our focus is on near-term resistance levels just higher. These are the updated technical targets and invalidation levels that matter on the US Dollar Index (DXY) weekly price chart. Review my latest Strategy Webinar for an in-depth breakdown of this US Dollar trade setups and more.

Starts in:
Live now:
Feb 01
( 13:02 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

US Dollar Index Price Chart – DXY Weekly

US Dollar Weekly Price Chart

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

Notes: In my last US Dollar Weekly Price Outlook our bottom line cited that the DXY reversal was, “attempting to pullback below uptrend resistance and while the broader focus remains higher, the risk is mounting for a larger correction IF price closes the week at these levels.” The index registered a low at 98.27 to close at the week at 98.31 before staging a recovery of more than 2.4% this week. The advance takes price back above uptrend resistance and clouds the medium-term technical outlook here.

Initial weekly resistance eyed at the 61.8% retracement of the late-March decline at 101.19 backed by the high-week close at 101.95- both areas of interest for possible topside exhaustion IF reached. Support objectives unchanged at the 61.8% Fibonacci confluence at 97.83/87– ultimately a break / close below 97.35 would be needed to suggest a more significant high was registered last month.

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

Bottom line: We’re likely to see more volatility heading deeper into April trade and although the broader focus remains weighted to the topside, the recent US Dollar price recovery remains vulnerable while below the yearly highs-week close. From at trading standpoint, be on the lookout for possible topside exhaustion with a pivot / close back below 99.91 needed to reassert the downside. That said, the headlines will continue to dominate broader market sentiment for the coming days as the Coronavirus continues to ravage the US- stay nimble here.

USD Forecast
USD Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly US Dollar Price Forecasts!
Get My Guide

---

Key US Data Releases

Dollar Price Outlook: USD Reversal- Relief Rally or Resumption?

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

Building Confidence in Trading
Building Confidence in Trading
Recommended by Michael Boutros
Learn how to Trade with Confidence - Free Trading Guide
Get My Guide

--- Written by Michael Boutros, Technical 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