News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Traders in the Euro have a big decision to make this weekend: if EUR/USD hits 1.20, will it continue to advance, consolidate or fall back? Get your $EURUSD market update from @MartinSEssex here:https://t.co/8hAhguZcEA https://t.co/kwtatozp3z
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/Yg6ecRZZNr https://t.co/9SdceNYUEK
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/imv2PnapzH
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/mmldxxEtsc
  • Dollar Index has broken major uptrend support and risks accelerated losses into the December open. Get your $USD technical analysis from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/YLVzP95JH8
  • The MACD is an indicator that uses exponential moving averages (EMA) to determine trend strength along with entry points based on crossovers. Find out how you can use the MACD as a buy/sell signal here: https://t.co/qxnP99uqTQ https://t.co/tGVqSZ2zK3
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/reMoYpqkQO
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/sqeRL7Rf7u
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/ukOW0dWJxf
  • Beautifully put. https://t.co/0fBsmUH6Pb
Weekly Technical Outlook: US Dollar Reversal Under Review

Weekly Technical Outlook: US Dollar Reversal Under Review

2018-03-05 16:00:00
Michael Boutros, Strategist
Share:

Weekly Technical Outlook: US Dollar Reversal Under Review

Webinar highlighting featured setups we’re tracking into the open of March trade. Here are the updated targets & invalidation levels that matter.

Dollar Index (DXY) at Risk ahead of NFPs?

The greenback is facing numerous headwinds on the heels of President Trump’s tariff talks last week. The dollar index posted an outside-day reversal off the highs and leaves the risk for further losses while below the monthly open. Note that markets are just beginning to carve out the monthly opening-ranges and we’ll be looking for further clarity this week with amid a packed week of major economic releases.

Key Levels in Focus

DXY – Risk is lower near-term while below monthly open resistance at 90.67- Key support / bullish invalidation at 89.59

EUR/USD – Initial resistance at 1.2355- Bearish invalidation at 1.2403/09

USD/CAD – Looking for a stretch into confluence resistance at the January 2017 low-day close at 1.3027

USD/JPY – Could see a rebound early in the week- resistance at 106.38, bearish invalidation 107.45. A break lower targets 104.30s.

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

Keep in mind, it’s a BIG week for event risk with central bank rate decision on tap from the RBA (Reserve Bank of Australia, BoE (Bank of England), ECB (European Central Bank) and BoJ (Bank of Japan) with the U.S. Non-Farm Payroll (NFP) report slated for Friday. In this webinar we review Updated technical setups on DXY, EURUSD, GBPUSD, USDJPY, USDCAD, AUDJPY, EURAUD, EURJPY, GBPJPY & EURCAD.

New to Forex? Get started with this Free Beginners Guide

Key Data Releases

Economic Calendar

Other Setups in Play:

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

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

To receive Michael’s analysis directly, please sign-upto his email distribution list

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES