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Weekly Technical Outlook: USD Down-Trend in Focus Ahead of March Open

Weekly Technical Outlook: USD Down-Trend in Focus Ahead of March Open

Michael Boutros, Strategist

Dollar Index (DXY) Analog Calls for Further Losses

We’ve been tracking a price analog in the dollar index from the 1994 peak and heading into the close of the month the comparison suggests the risk remains for one more low in the greenback. We’ll also be keeping a close eye on Treasury yields after the 10-year held below key technical resistance last week at 2.90.

Key Levels in Focus

DXY – Initial resistance at 90.28/33. Key support still 88.27with bearish invalidation at 91.33

USD/CAD – Focus remains on possible exhaustion near 1.2723 / 1.2776 early this week.

USD/JPY – Initial resistance at 107.49 with bearish invalidation at 107.84. Near-term support still 106.38.

AUD/NZD – Near-term risk is for a rebound while above 1.07 but broader outlook remains weighted to the downside sub-1.0830

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Keep in mind, newly minted Federal Reserve Chairman Jerome Powell is slated for commentary tomorrow with Eurozone CPI and US / Canada GDP figures on tap later this week. Updated technical setups discussed on DXY, USDCAD, USDJPY, AUDNZD, AUDJPY, AUDUSD, GBPNZD, CADJPY & GBPJPY.

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---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.