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
Mixed
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Sunshine and rainbows for #Gold bulls at the moment, as yields on 30-year Treasuries validate the downside break of a Descending Triangle and eye a push back below 2.2% Gold’s Double Bottom implies a move to 1835 is on the cards in the near term #GLD #US30Y https://t.co/PSSdOolvlP
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: 0.05% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fb0rTb7U02
  • RT @BrendanFaganFx: AUD/USD Mixed as Retail Sales Surpass Expectations $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/04/21/AUDUSD-Mixed-as-Retail-Sales-Surpass-Expectations.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇦CAD: 0.05% 🇳🇿NZD: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KHYBRYg6wf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VNFQudLmfc
  • #USDZAR looking incredibly interesting after breaching the neckline of a Double Top pattern A short-term bounce could be at hand but if 14.50 remains intact, a more extended push lower seems likely in the coming weeks $USDZAR https://t.co/1rHgmX4zyB
  • RT @KyleR_IG: "Retail sales rose 1.4 per cent in March" https://t.co/aM9vXo5s49 #ausbiz
  • 🇦🇺 Retail Sales MoM Prel (MAR) Actual: 1.4% Expected: 1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-04-21
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:
Apr 21
( 13:04 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Mid-Week Market Updates Featuring Michael Boutros, Strategist
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