Weekly Technical Outlook: USD Turn or Burn at Key Resistance
- 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
Markets are illustrating a perfect example of when there is clarity in price, but not in near-term trend. Simply put, technically prices remain within well-defined structural patterns, but recent price action offers little conviction on the immediate bias.
That said, today we took an in-depth look at the majors from a weekly, daily & intraday standpoint to get a larger perspective on where we are in trend. The dollar advance is eyeing long-term technical confluence and the focus this week is on the 94.03/20 resistance barrier.
Similarly, USDCHF is eyeing a long-term resistance confluence around ~9880s, and while I don’t want to get stung again trying to call a high, the advance looks vulnerable near-term while below this barrier.
A look at Bitcoin prices highlights the significance of the resistance barrier we turned from last week and leaves the cryptocurrency vulnerable for further losses near-term. Initial areas of interest for support are eyed around 5565 & 5423- look for a reaction at one of these levels.
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In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, GBPUSD, USDCAD, Gold, USDCHF, USDJPY, GBPJPY, Crude and Bitcoin. Highlighting this week’s economic docket will Aussie CPI, UK GP, the ECB interest rate decision and US 3Q GDP figures on Friday.
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Key Data Releases
Check out this week’s DailyFX Webinar Schedule
Other Setups in Play:
- USD/CAD Battle Lines Drawn Ahead of Canada CPI
- Crude Oil Price Analysis– Pullback to Offer Opportunity
- USD/CHF Testing Make-or-Break Resistance
- Weekly Technical Outlook: Cryptocurrency Breakouts, USD Majors in Focus
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---Written by Michael Boutros, Currency Strategist with DailyFX