USD Majors Face Slew of Headline Risks

It’s a week packed with major event risk and for the USD, the focus is on whether the recent pullback from resistance in the Dollar Index (DXY) has further to go. We reviewed recent setups highlighted on the USD crosses and heading into the start of the week, the levels are clear.

Key Levels in Focus

DXY – Initial resistance at 93.91 Bearish invalidation at 94.33. Initial support at 92.96 & 92.28/44

EUR/USD – Key near-term support at1.1616/36. Resistance 1.1827 backed by 1.1910 & 1.1947/61

AUD/USD – Constructive while above 7513. Topside resistance objectives at 7632 backed by 7689 & 7709 (head & shoulders measured objective)

GBP/USD – Key resistance at 1.3495-1.3504 (near-term bearish invalidation). Initial support 1.33 backed by 1.3182

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Highlighting this week’s economic calendar are central bank interest rate decisions from the FOMC, the ECB (European Central Bank) and the BoJ (Bank of Japan). Keep in mind we also have the Nuclear Summit in Singapore with the meeting between President Trump and Kim Jong Un likely to keep the market headline driven over the next 24 hours. In this webinar we review updated technical setups on DXY, EUR/USD, USD/JPY, GBP/USD, AUDUSD, USDCAD, Gold, AUD/JPY, Silver, USD/CHF and EUR/GBP.

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KeyEvent Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play:

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---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com