- Review of current / active setups in focus amid rising geopolitical threats
- Updated targets & invalidation levels
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Global geopolitical tensions have continued to rise and while White House news reports are dominating the headlines, our focus, is on price. The turnover in the DXY as well as the SPX we discussed last week have materialized and heading into the start of the week, our broader outlook remains unchanged. The U.S. Consumer Price Index & Retail Sales figures released on Friday were both below market expectations and continue to highlight the risk for further USD losses after the extended holiday break.
This week keep an eye on Gold prices and USDJPY- both of which are approaching key technical thresholds (above resistance in gold- support in USDJPY). Event risk this week is rather limited from a data standpoint but we’ll be closely monitoring the ongoing situation in North Korea & Syria as well as the upcoming French Elections. Updated technical setups and key levels discussed (in this order) on DXY, Gold, Silver, GBPUSD, USDJPY, SPX, USDCAD, Crude, AUDUSD, AUDJPY, GBPJPY & GBPNZD.
Key Data Releases
Other Setups in Play:
- USD/CAD Consolidation to Face Bank of Canada
- AUD/NZD Trapped- Rebound at Risk Below 1.09
- AUD/JPY: Sell-off Approaches Initial Support Hurdles
- GBP/USD: Fret Not, a Resolution is at Hand- Critical Support 1.23
---Written by Michael Boutros, Currency Strategist with DailyFX