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.
- Key technical setups we’re tracking into the march open
- Check out our 2018 projections in our Free DailyFX Trading Forecasts
- Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)
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
Other Setups in Play:
- Forex Technical Outlook: USD/CHF Rallies to Fresh Monthly Highs
- Ripple Price Analysis: XRP/USD Consolidates Above Key Support
- GBP/USD Price Plummets into Critical Support Zone
- EUR/USD Price Analysis- Losses Likely to Be Limited, Levels to Know
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
