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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The $AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/sofO135ElG
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data. Get your ASEAN currencies market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/ZGFaQQ3Hr2
  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/73SaL5AeXD
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
  • Anybody else think that casting directors in movies are some of the most underrated people when it comes to giving a film/series credit?
  • No https://t.co/EoBltaP17k
  • Crude #oilprices may face heightened liquidation pressure as the cycle-sensitive #commodity finds itself under the pressure of resilient resistance and a vulnerable, multi-week rising channel. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/cGPX4qcOH1 https://t.co/0U4JMJVFuf
  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
  • $GBPUSD doesn’t have the cleanest set of technical indications, but #USD may give indications if it can break its trading range via the $DXY. Get your currencies market update from @PaulRobinsonFX here: https://t.co/PrC9wAaXvU https://t.co/vHYHflwqR3
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
Weekly Technical Outlook: Pending U.S. Dollar Trade Setups

Weekly Technical Outlook: Pending U.S. Dollar Trade Setups

2018-04-09 15:30:00
Michael Boutros, Strategist
Share:

Dollar to Fall Out of Favor?

The majors are trading at some precarious levels to start the week but technicals are clear. The 1994 price analog we’ve been tracking in the Dollar Index (DXY) suggests that we should be looking for exhaustion this week before moving lower. Event risk this week is limited and we’ll be closely tracking the weekly open for guidance.

Key Levels in Focus

DXY – Key support down at 88.90-89.08. Resistance at 91, bearish invalidation at 91.33

EUR/USD – Immediate focus is towards 1.2346, bearish invalidation at 1.2409. Key support Still 1.2230/40

USD/JPY – Looking for exhaustion at 107.45/80- Support / bullish invalidation 106.26/38

USD/CAD – Focus is lower while below the monthly open 1.2895- Support targets at 1.2686/96 & 1.2634

AUD/USD – Focus remains on a possible low at critical support at 7636/40 & 7612

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

Highlighting this week’s event risk will be CPI releases from China and the U.S. with the University of Michigan confidence surveys slated for Friday. In this webinar we review updated technical setups on DXY, EURUSD, USDJPY, USDCAD, AUDUSD, AUDJPY, NZDUSD, GBPUSD, and EURJPY.

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-up to 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

News & Analysis at your fingertips.