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Weekly Technical Outlook- USD Warning Signs of Stretched Price Action

Weekly Technical Outlook- USD Warning Signs of Stretched Price Action

Michael Boutros, Strategist
  • Key technical setups we’re tracking this week on the USD Majors, Crude
  • Looking for more trade ideas? Review DailyFX New 2018 Projections
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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 1.2388-1.2597Also 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.

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Key Data Releases

Weekly Economic Calendar 1-22-2018

Other Setups in Play:

Why does the average trader lose? Avoid these Mistakes in your trading!

---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.