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Weekly Technical Outlook: Cryptocurrency Breakouts, USD Majors in Focus

Weekly Technical Outlook: Cryptocurrency Breakouts, USD Majors in Focus

Michael Boutros,

Breakouts in the cryptocurrencies have been central focus after Bitcoin ripped to fresh record highs last week. Likewise, Ethereum broke its monthly opening range with the rally now holding just below near-term resistance at 350/55.

The DXY starts off the week just below near-term resistance and while the index may have some more upside in the interim, the broader focus remains lower in the dollar. We took a close look at the majors, not all of which reflect this sentiment. As such, we’ll take each pair on its own merits with the Swissie and the Yen of particular interest to start the week.

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In this webinar we reviewed current & pending setups and updated technical levels on DXY, ETHUSD, BTCUSD, USDJPY, Gold, EURUSD, USDCHF, USDCAD, AUDUSD, NZDUSD, GBPUSD and AUDNZD. Highlighting this week’s economic docket will UK CPI, Aussie Employment, China GDP, the Fed’s Beige Book and a host of FOMC speakers.

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


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---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.