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Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles

Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles

Michael Boutros, Strategist

Talking Points

  • Review of current / active setups in heading into the monthly close
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT

Weaker than expected US Durable goods orders early in the week have fueled some dollar weakness early in the session taking the DXY into near-term support around 97.10. Key support / bullish invalidation remains steady at 96.91/96.

Kiwi remains on the radar for possible exhaustion with the EUR & CAD our favored plays on a weaker dollar. Keep in mind we have key US inflation data on tap into the close of the week / month and it’s a good time to be extra nimble / reduce leverage.

See our 2Q projections on the majors in the DailyFX Trading Forecasts.

In this webinar we discussed examples of basic median-line analysis and review both current and pending setups & updated technical levels on DXY, EURUSD, NZDUSD, USDCAD, AUDJPY, EURNZD, USDZAR, Gold, Crude Oil, NATGAS, Silver, S&P, CADJPY.

What do shifts in retail positioning hint about the broader trend? Learn how Sentiment can help your trading in this free guide!

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Key Data Releases

Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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