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An examination of price action highlights the risk of a near-term low in the greenback (high in EURUSD) with a look at some recent publications also reflecting subtle extremes in sentiment. That said, the DXY is still trading in risky territory and a recovery above 92 would be needed to suggest a more meaningful rebound is underway.

The crosses all look appealing at these levels with EUR & CAD favored in the scenario of USD strength (short EURUSD / long USDCAD) while GBP & AUD are favored in the event of USD weakness (long GBPUSD & AUDUSD).

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Highlighting this week’s event risk will be the central bank interest rate decisions from the Bank of England (BoE) and inflation data from the both the UK & U.S. Keep in mind it’s the blackout period for Fed officials ahead of next week’s highly anticipated FOMC interest rate decision.

In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, GBPUSD, USDCAD, Gold, AUDUSD, ETHUSD, EURNZD, GBPJPY, USDJPY and NZDUSD.

Join Michael for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

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Key Data Releases

Weekly Economic Docket 9-11-2017

Other Setups in Play:

See our 3Q FX projections in the Free DailyFX Trading Forecasts.

---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.