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
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
Mixed
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • $EURUSD Daily Pivot Points: S3: 1.1629 S2: 1.1694 S1: 1.1718 R1: 1.1783 R2: 1.1825 R3: 1.189 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.51% 🇨🇦CAD: 0.39% 🇪🇺EUR: 0.38% 🇳🇿NZD: 0.04% 🇬🇧GBP: -0.12% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qEABm6nDyn
  • US Treasury Yields: 2-Year: 0.159% 3-Year: 0.188% 5-Year: 0.299% 7-Year: 0.496% 10-Year: 0.671% 30-Year: 1.369% $TNX
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.87% Gold: 0.40% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/9zzrCQMv2s
  • S&P 500 price is within striking distance of hitting all-time highs as stocks continue to rally. Get your market update from @RichDvorakFX here: https://t.co/pKvJ9wv9VY https://t.co/kkbBSDDVo8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.94%, while traders in US 500 are at opposite extremes with 78.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Ycy6nhUEDm
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.09% US 500: -0.02% Wall Street: -0.07% France 40: -0.14% FTSE 100: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6KHC1wW7Wo
  • Ugly numbers but (always a but with data), June monthly GDP +8.7% gives hope.... https://t.co/CYevGpL7g5
  • Fed's Daly: #Fed committed to making inflation goal of 2% - BBG
  • With the S&P 500 just topping its all-time record high and the 10YR Treasury yield up again now to 67-bps, yesterday's selloff in stocks looks more like it had to do with margin calls related to the sharp reversal in precious metals.
Dollar Price Outlook: Six-Week Sell-off Slams USD to Multi-year Low

Dollar Price Outlook: Six-Week Sell-off Slams USD to Multi-year Low

2020-07-30 15:30:00
Michael Boutros, Strategist
Share:

US Dollar Technical Price Outlook: DXY Weekly Trade Levels

  • US Dollar technical trade level update – Daily & Intraday Charts
  • USD plummets for sixth consecutive week / decline now testing confluence support
  • DXY bears vulnerable while above 93.23- bearish invalidation lowered to 95.03

The US Dollar has plummeted more than 9.5% off the March yearly highs with DXY now down nearly 3.5% year-to-date. The decline has extended for a sixth consecutive week with price now testing near-term support into the close of July trade. 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 Dollar trade setups and more.

Starts in:
Live now:
Aug 17
( 12:08 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 Index Price Chart - DXY Weekly - USD Trade Outlook - Technical Forecast

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

Notes: In last month’s US Dollar Weekly Price Outlook noted that a rebound off confluence support had fueled a near-term recovery in the index with, “97.83 & 98.50- both regions of interest for possible topside exhaustion IF reached.” Price registered a high at 97.80 in the following days before resuming lower with the decline now attempting to mark its sixth consecutive week. The sell-off has broken below the objective yearly opening-range lows with the index now approaching the next support level around 93.23- a pivot zone defined by the May 2015 close lows and converges on the lower parallel of a broader descendingpitchfork formation extending off the yearly high.

A break / close below this threshold is needed to keep the short-bias viable with such a scenario exposing subsequent support objectives at 92.28 and the 2017 low-week close / 78.6% Fibonacci retracement at 91.33/40– both key levels in price. Initial resistance now back at the 2016 low-week close / 61.8% retracement at 93.88/92 with bearish invalidation now lowered to the 25% parallel / 2019 low at 95.03.

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 sell-off is poised to complete a sixth weekly decline to fresh yearly lows into confluence support – look for a reaction down here with the shorts vulnerable near-term. From a trading standpoint a good zone to reduce short-exposure / lower protective stop – keep an eye out for topside exhaustion ahead of the 95-handle IF the index is indeed heading lower with a close sub-93.23 needed to keep the focus on longer-term uptrend support near 92.20s. I’ll publish and updated US Dollar Price Outlook one we get further clarity on the near-term DXY technical trade levels.

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

---

Key US Data Releases

Key US Data Releases - USD Event Risk - DXY Economic Calendar

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

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.