Weekly Technical Outlook: USD Majors, Cryptocurrencies in Focus
- Review of current / active setups into the weekly open
- Review the Foundations of Technical Analysis mini-series
- Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT
It’s the start of a new week, month & quarter and a fresh perspective on the markets puts into focus some clean setups as we head into October trade. U.S. Dollar strength remained persistent into the close of the month with the rally approaching key regions of near-term resistance just higher.
A review of the Cryptocurrencies also highlights Bitcoin testing a key level of resistance to start the month. Ethereum price action is not quite as clean, but the levels remain clear with the broader focus still higher while above 271.
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U.S. Non-Farm Payrolls are on tap and highlight this week’s economic docket. Keep in mind we get the release of Canada employment figures at the same time and keeps the focus on the Loonie setup we’ve been tracking. The RBA interest rate decision kicks things off tonight with the central bank widely expected to hold the benchmark interest rate at 1.50%.
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Key Data Releases
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Other Setups in Play:
- Ethereum Prices Top 300- Will it Hold?
- USD/CAD Rally Eyes Key Resistance Targets
- AUD/USD Sell-Off Approaching Key Support Hurdle
- Bitcoin Prices Under Pressure- Time to Buy?
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---Written by Michael Boutros, Currency Strategist with DailyFX