Weekly Technical Outlook: USD, S&P 500, Bitcoin at Key Levels
Webinar highlighting featured setups we’re tracking into the close of the month. Here are the updated targets & invalidation levels that matter post-FOMC.
- Post-FOMC technical setups we’re tracking into the close of the month
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FOMC Interest Rate Hike: New Fed Chairman, Same Market Reaction
An in-depth review of post-FOMC price action reveals similarities in previous interest rate hikes with the broader analog we’ve been tracking in the Dollar Index (DXY) continuing to highlight further downside risk for the greenback. That said, the decline is approaching the yearly low-day close at 89.08- look for a reaction there.
Key Levels in Focus
DXY – Risk is lower while below 90- Support targets at 89.08 and 88.83/90
USDCHF- Risk is lower sub-9524- Support targets at 9424, 9400 & 9379
USDCAD- Risk is lower sub-1.30- Support targets at 1.2829, 1.2789 & 1.2720s
Gold- Constructive while above 1330-Look for a reaction on a rally into slope resistance at 1355/56
S&P 500- Focus remains on critical support at 2586/89- bearish invalidation at 2692
For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy
Event risk is limited this week with U.S. & Canada GDP highlighting the economic calendar. In this webinar we review updated technical setups on DXY, GBPUSD, NZDUSD, USDCHF, USDCAD, SPX500 (S&P 500), Gold, Bitcoin (BTCUSD), EURCAD, CADJPY and AUDNZD.
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Key Data Releases
Other Setups in Play:
- SPX Technical Outlook: Price Probing Critical Support- Levels to Know
- USD/CHF Price Outlook: Risk of Larger Correction If This Level Breaks
- USD/CAD Rally Reverses at Critical Resistance Ahead of Canada CPI
- Weekly Technical Outlook: Dubious Dollar Strength Ahead of FOMC
Why does the average trader lose? Avoid these Mistakes in your trading
---Written by Michael Boutros, Currency Strategist with DailyFX
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