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  • $USDCAD is weaker in the aftermath of OPEC+'s decision to hold output steady, falling to trade back around the 1.2600 level. The pair fell to its lowest level in nearly three years during last week's volatility, rebounded to a high of 1.2730, and has then edged lower. $USD $CAD https://t.co/QBVe8X5nVO
  • Russia reportedly has been given an exemption from OPEC+ supply deal - Delegates
  • The Canadian Dollar is surging alongside the rise in oil prices following OPEC+'s decision to hold output steady. $CADJPY has risen above 85.00 to trade at its highest levels since late 2018. $CAD $JPY https://t.co/YzikqjWyvT
  • $WTI Crude Oil is extending its gains, rising above 64.00 to trade at its highest levels in over a year. $OIL $USO https://t.co/7aFsMmJd7x
  • OPEC+ decides not to hike output by 500kbpd in April - Delegate Oil prices at highs of the day https://t.co/UBAtzuEs0b
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇨🇦CAD: 0.29% 🇦🇺AUD: 0.21% 🇪🇺EUR: -0.26% 🇯🇵JPY: -0.53% 🇨🇭CHF: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dULwFuQVcF
  • OPEC+ is close to keeping output unchanged in April - Delegates #OOTT
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.09% US 500: 0.04% France 40: 0.04% FTSE 100: -0.13% Germany 30: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/raVqHjfXWM
  • RT @Amena__Bakr: Saudi Arabia is proposing a rollover for April and May- delegates #OOTT #opec
  • BUZZ starts trading today. An ETF that invests in larger market cap companies with the strongest positive sentiment in social media. That's where we are now
Weekly Technical Outlook- USD Crosses Grind into 2018 Open

Weekly Technical Outlook- USD Crosses Grind into 2018 Open

Michael Boutros, Strategist

Talking Points

  • Review of broader technical outlook on the USD Majors heading into 2018
  • Updated targets & invalidation levels
  • Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

Welcome to 2018 trade! Today we took an in-depth, multi-timeframe look at the DXY (US Dollar Index) and the USD Majors with numerous pairs coming into some critical levels to start the year.

While our broader outlook for the greenback remains weighted to the downside, the immediate threat this week is sideways to higher in the index as EURUSD, AUDUSD, NZDUSD and USDCAD respond to key respective pivot ranges.

Euro – Focus range support is 1.1945/65

Aussie- Focus range is 7800-7886/97

Kiwi- Slope resistance basically here just below 7200

Loonie- Key daily support 1.2388, breakdown would target slope near ~1.23

For a complete breakdown of Michael’s technical approach, review his Foundations of Technical Analysis mini-series

It’s a light week for economic data with Eurozone GDP and US CPI / Retail Sales highlighting event risk this this week. Updated technical setups discussed on DXY, EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, EURAUD, EURNZD, Crude, Gold, GBPCAD & EURJPY.

New to Forex? Get started with this Free Beginners Guide

Key Data Releases

Economic Calendar

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s New 2018 Projections

---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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