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Weekly Technical Outlook- US Dollar Bears to Face FOMC, NFP

Weekly Technical Outlook- US Dollar Bears to Face FOMC, NFP

Michael Boutros, Strategist

Is the USD ready for a Reprieve?

An in-depth, multi-timeframe look at the DXY (Dollar Index) alongside the FX Majors heading into the start of the week. The price action analog we’ve been following continues to suggest that a material risk remains for some USD exhaustion (rebound in price) as price approaching structural support just above the 88-handle.

Key Levels in Focus

DXY – Looking for support heading into 88.00/27- Resistance at 91

USD/JPY- Interim resistance at 109.55- bearish invalidation at 110.23

AUD/JPY- IF the pair is heading towards the range lows- advances should be capped by 88.40s.

GBP/USD – Risk is for a pullback while below 1.44- Interim support at 1.4023- break there would validate near-term correction lower in price.

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

Keep in mind, we’re heading into the close of the month with Fed Chair Janet Yellen’s final FOMC interest rate decision and U.S. NFPs (Non-Farm Payrolls) on tap this week. Updated technical setups discussed on DXY, USD/JPY, AUD/JPY, GBP/USD, EUR/USD, AUD/USD, NZD/USD, GBP/JPY and Gold.

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Key Data Releases

Weekly Technical Outlook- US Dollar Bears to Face FOMC, NFP

Other Setups in Play:

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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