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Weekly Technical Outlook: FX, Cryptocurrency Trade Setups

Weekly Technical Outlook: FX, Cryptocurrency Trade Setups

Michael Boutros, Strategist

DXY Continues to Follow 1994 Price Analog

The Dollar Index (DXY) turned from monthly open resistance last week with the decline now targeting basic slope support extending off the yearly lows. The price analog we’ve been tracking continues to cast a bearish stance on the greenback and although the broader risk is lower, we’ll be looking for near-term support early in the week.

Cryptocurrencies Under Pressure

The Crypto-block has responded to near-term resistance with Bitcoin & Ethereum threatening outside-day reversals today. Watch the close- we’re looking for evidence that a near-term high is in place for a correction lower.

Key Levels in Focus

DXY – Initial support at 89.30 backed by key support at 88.90-89.08. Resistance at 89.98, bearish invalidation at 90.12

EUR/USD – Constructive while above the monthly open at 1.2320, Topside targets at 1.2409& Slope~1.2430s

USD/CAD – Testing daily slope support ~1.2544- Key near-term resistance 1.2633- breach there to risk near-term recovery

AUD/USD – Constructive while above 7706- Topside targets of interest 7812/30 (breakout level)

AUD/NZD – Reversal off critical support at 1.0486 last week must find support ahead of 1.0507 on this pullback to remain constructive. Resistance at 1.0603 & 1.0640.

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 GDP data from China, the Bank of Canada (BoC) interest rate decision and Australia employment. In this webinar we review updated technical setups on DXY, EURUSD, GBPJPY, USDCAD, AUDJPY, AUDUSD, SPX 500, AUDNZD, USDJPY, NZDUSD, GBPUSD, Bitcoin (BTCUSD), Ethereum (ETHUSD) 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.