- Technical setups we’re tracking into the start of the week, month & quarter
- Check out our 2018 USD projections in our Free DailyFX Trading Forecasts
- Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)
Is the Dollar Still a Buy?
The US Dollar Index (DXY) reversed just ahead of slope support last week on building momentum divergence. So is a near-term high in place? The verdict is still out but the risk heading into the start of the month is for a larger correction and we’re tracking the majors for entry early in the week. Keep in mind U.S. markets will be closed on Wednesday in observance of the Fourth of July with heavy event risk waiting into the close of the week.
Key Levels in Focus
DXY – Look for resistance into 95.15/32- close below 94.20/27 needed to validate reversal
EUR/USD – Initial support into the Low-day close at 1.16- Key support still 1.1554. Initial resistance 1.1727
USDCAD – Looking for short re-entries while below 1.3258- Break below 1.31 needed to suggest larger correction is underway.
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 Australia (RBA) interest rate decision later tonight and Friday’s release of the June US Non-Farm Payroll and Canadian employment figures. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, GBP/USD, USD/JPY, Gold (XAU/USD), NZD/USD, EUR/NZD and EUR/JPY.
New to Forex? Get started with this Free Beginners Guide
KeyEvent Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Other Setups in Play:
- USD/CAD Price Analysis: Canadian Dollar on the Offensive
- XAU/USD Technical Outlook: Gold Prices Meltdown into Q2 Close
- EUR/USD Price Analysis: Euro Breakdown Targets 2018 Lows
- GBP/USD Technical Outlook: Sterling Threatens Larger Price Reversal
Why does the average trader lose? Avoid these Mistakes in your trading
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at email@example.com