- Key technical setups we’re tracking this week on the USD Majors, Crude
- Looking for more trade ideas? Review DailyFX New 2018 Projections
- Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)
USD Bounce or Break?
Today we took an in-depth, multi-timeframe look at the DXY (US Dollar Index) and the USD Majors as prices continuing to trade into critical levels we’ve been highlighting since the start of the year. Reversal trades are always tricky to trade, but recognizing when markets are vulnerable is a start. We’re looking for signs of an exhaustion low early in the week while noting that the broader outlook remains weighted to the downside for the greenback.
USD/CHF – Focus range is 9553-9640 –risk for a rebound higher remains
USD/JPY- Focus range is 110.15-111.13 –could head lower first, but general risk is for recovery
Crude Oil- Risk is lower sub 64.78- look for a break below 62.56 to validate reversal
USD/CAD- Focus range is 1.2388-1.2597–Also represents the monthly opening-range
For a complete breakdown of Michael’s technical approach, review his Foundations of Technical Analysis mini-series
It’s a big week for economic releases with central bank interest rate decisions from the BoJ (Bank of Japan) and ECB (European Central Bank) on tap. US fourth quarter GDP figures are slated for Friday with consensus estimates calling for a print of 3.0% q/q. Updated technical setups discussed on DXY, USD/CHF, USD/JPY, EUR/USD, GBP/USD, USD/CAD, Crude, AUD/JPY, EUR/JPY & CAD/JPY.
New to Forex? Get started with this Free Beginners Guide
Key Data Releases
Other Setups in Play:
- USD/CHF to See a Reprieve as Price Rebounds Off Support
- USD/JPY Responds to Confluent Support- Rebound to Offer Opportunity
- Bitcoin Bloodbath: Prices Nearing Support, Is Relief in Sight?
- Crude Oil Price Breakout Testing Initial Resistance Targets
Why does the average trader lose? Avoid these Mistakes in your trading!
---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.
