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

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

Michael Boutros, Strategist

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.

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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

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