- Technical setups we’re tracking into the weekly 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 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
Other Setups in Play:
- USD/CAD Technical Outlook: Trade Setups for NFP, Canada Jobs
- AUD/JPY Price Analysis: Is the Correction Over?
- AUD/USD Technical Outlook: Price Tests Critical Uptrend Support
- EUR/USD Uptrend Remains Viable If Price Can Hold Above these Levels
Why does the average trader lose? Avoid these Mistakes in your trading
---Written by Michael Boutros, Currency Strategist with DailyFX
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