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

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

What's on this page

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

Other Setups in Play:

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---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at 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.