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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
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
More View more
Real Time News
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
US Dollar Outlook: USD Surges as Index Rebounds off Trend Support

US Dollar Outlook: USD Surges as Index Rebounds off Trend Support

Michael Boutros, Strategist

US Dollar Technical Price Outlook: DXY Weekly Trade Levels

  • US Dollar technical trade level update – Weekly Chart
  • USD mounts largest offensive since September- recovery eyes downtrend resistance
  • DXY Initial weekly resistance into 91, Bearish invalidation 92.28
Advertisement

The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. The early-month rebound is the first major counteroffensive since September and although more gains are likely near-term, the index remains within the confines of a broader bearish formation – looking for guidance on a test of resistance in the week ahead. These are the updated technical targets and invalidation levels that matter on the US Dollar Index weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this DXY technical setup and more.

Starts in:
Live now:
Mar 08
( 13:03 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

DXY Chart

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

Notes: In last month’s US Dollar Weekly Price Outlook we noted that the DXY, “breakdown may be stalling here at longer-term downtrend support and the immediate decline may be vulnerable in the days ahead while above the median-line (blue)… be on the lookout for downside exhaustion ahead of 89.07IF a near-term recovery is in the cards.” The Dollar registered a low at 89.20 on building momentum divergence before reversing with the subsequent rally now poised to mark the second consecutive weekly advance.

Initial weekly resistance eyed at the 2017 swing low at 91.01 backed by broader bearish invalidation at the 91.91-92.28 confluence zone- a region defined by the 2016 low / 2018 yearly open and converges on the June trendline. A breach / weekly close above this threshodl would be needed to suggest a more significant low is in place. Downside support levels are unchanged at the 2018 low-week close at 89.07 and the 50% retracement of the 2011 ascent / 2018 low at 88.18/25 – risk for accelerated losses below this level.

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 is poised to mark the first consecutive weekly rally since September after rebounding just ahead of confluence downtrend support. From at trading standpoint, look to reduce long-exposure / raise protective stops on a stretch towards the upper parallel – pullbacks should be limited by objective yearly open support at 89.93IF price is indeed heading higher. Ultimately, the recovery remains within the confines of a broader descending consolidation pattern and we’re on the lookout for a breakout in the weeks ahead for further guidance on our medium-term directional bias.

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

Key US Data Releases

Eco Calendar

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

--- 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