Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles
- 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 !
Key Data Releases
Other Setups in Play:
- EUR/USD Risks Further Losses as COT Points to Stretched Positioning
- NZD/USD Sentiment at Extremes Ahead of RBNZ- Levels to Know
- Loonie Slides as Crude Dives- USDCAD Recovery Eyes Resistance
- USDJPY Moment of Truth: Rally Attempts Breach of Key Slope Resistance
---Written by Michael Boutros, Currency Strategist with DailyFX
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.