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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.