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US Dollar Reversal Under Review– USD Setup We’re Tracking This Week

US Dollar Reversal Under Review– USD Setup We’re Tracking This Week

Michael Boutros, Strategist

Has the USD Topped?

The US Dollar Index (DXY) reversed off 2018 slope resistance last week with price posting an outside-daily reversal on Thursday. The move leaves the risk lower for the greenback while below the high-day close at 94.86. We’re looking for some follow through this week with setups across the USD majors in play. Keep in mind it’s the last full week of 2Q / June trade- look to reduce exposure and adjust positioning heading into the close of the week.

Key Levels in Focus

DXY – Key weekly support at 93.89-94.20- close below to validate reversal. Look for a hold below the 200-day moving average around 95 IF price is going to resume lower.

EUR/USD – Price is testing 2016 slope support- break targets 1.1448. Key Resistance 1.1910/30

GBP/USD – Good response to 1.3164 support zone last week- Initial resistance 1.3330- breach targets 1.35

USD/JPY – Initial support targets at 109.18 backed by 108.80. Initial resistance at the 200-day moving average (~110.20s) with bearish invalidation at 110.70/88.

USDCAD – Near-term risk is lower while below 1.3376- Break below 1.3220s needed to validate reversal.

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 economic calendar will be the Reserve Bank of New Zealand (RBNZ) interest rate decision on Wednesday night and the release of the May Core-Personal Consumption Expenditure (PCE- the Fed’s preferred gauge on inflation) on Friday. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, NZD/USD, AUD/USD, AUD/JPY, USD/JPY, GBP/JPY, USD/CAD, Crude Oil, Gold, SPX (S&P500), GER30 (DAX), and EUR/JPY.

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KeyEvent Risk This Week

Economic Calendar

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

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

https://www.dailyfx.com/free_guide-tost.html?ref-author=Boutros

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

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