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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

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.

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Other Setups in Play:

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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.