Dollar at Fresh Yearly Highs– Levels to Know on USD Majors Post-FOMC
- USD technical setups we’re tracking this week post-FOMC
- Check out our 2018 USD projections in our Free DailyFX Trading Forecasts
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USD Gains Post-FOMC on Updated Interest Rate Outlook
Markets have re-priced interest rate expectations on the back of last week’s FOMC policy meeting with consensus now calling for four hikes this year. The US Dollar is up more than 2% against all its major counter-parts year-to-date (save the Japanese Yen which is up 2%) with index (DXY) rallying more than 7.5% off the February lows to fresh yearly highs. The advance is currently testing the 200-week moving average and while the immediate threat is for a near-term pullback, the broader outlook remains constructive while above the 94-handle.
Key Levels in Focus
DXY – Initial resistance at 95 (200WMA) backed by 96.04/20. Initial support at 93.90s, Bullish invalidation at 92.28/50
EUR/USD – Price is testing 2016 slope support- break targets 1.1448. Key Resistance 1.1910/30
AUD/USD – Key support confluence at 7327. Initial resistance 7480
AUD/JPY – Testing key support zone at 81.50-82 – Break targets 80.57. Near-term resistance at 82.50/59
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Highlighting this week’s economic calendar are central bank rate decisions from the SNB (Swiss National Bank) and the BoE (Bank of England). We also have New Zealand GDP, Japanese & Canada CPI and a host of central bank speakers on tap. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, AUD/JPY, USD/JPY, GBP/USD, USD/CAD, NZD/USD, USD/CHF, Gold, Bitcoin (BTC/USD), Ethereum (ETH/USD), Ripple (XRP/USD) and Litecoin (LTC/USD).
KeyEvent Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Other Setups in Play
- ETH/USD Price Analysis: Ethereum Rebounds from Multi-month Lows
- XAU/USD Technical Outlook: Gold Price Breakout Stalls
- LTC/USD Technical Outlook: Litecoin Prices Plummet towards Yearly Low
- AUD/JPY Technical Outlook: Rally Rejected at Resistance
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---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.