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Dollar Crosses, Gold in Focus as Yellen takes Center Stage

Dollar Crosses, Gold in Focus as Yellen takes Center Stage

Michael Boutros, Strategist

Talking Points

  • Review of current / active setups ahead of major event risk this week
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT

It’s another big week for the greenback with the semi-annual Humphrey Hawkins monetary policy testimony before congress highlighting U.S. event risk this week. Traders will be lending a keen ear to Fed Chair Yellen’s remarks as they pertain to the timing of subsequent interest rate hikes and more importantly, off-loading the central bank’s massive balance sheet.

From a technical standpoint the DXY has some room to rally but the broader outlook remains weighted to the downside sub-96.80 with subsequent support targets seen at 95.09 & 94.50.

See our 3Q projections on the majors in the DailyFX Trading Forecasts.

The Bank of Canada interest rate decision is also on tap on Wednesday with the USDCAD rebounding off key confluence support on Friday. The immediate downside bias remains at risk near-term while above 1.2883 with the broader focus lower sub-1.3030.

Kiwi responded to slope resistance last week and we’re still looking lower in the pair for now. Initial support targets at 7262 with a break sub 7223 needed to validate a larger scale reversal.

Gold prices are testing a key technical support zone at 1204/09 to start the week. The immediate downside bias is vulnerable into this region near-term with the broader outlook still weighted to the downside sub 1235. A break lower eyes subsequent support at 1189.

In this webinar we discussed examples of multi-timeframe analysis and review both current and pending setups & updated technical levels on DXY, USDCAD, EURUSD, NZDUSD, USDJPY, Gold, Silver, Crude, SPX, and EURCAD.

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

Economic Docket

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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