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US Dollar Recovery to Offer Opportunity– Pending Weekly Trade Setups

US Dollar Recovery to Offer Opportunity– Pending Weekly Trade Setups

Michael Boutros, Strategist

US Dollar Falls Post-NFP

Friday’s US Non-Farm Payrolls report showed continued strength in the labor markets while highlighting subdued underlying wage growth. The USD sold-off into the close of the week with the Dollar Index (DXY) closing below daily support. Heading into the start of the week we’re looking for some recovery in the greenback with our broader focus weighted to the downside while below monthly open resistance at 94.63.

Key Levels in Focus

DXY – Look for resistance ahead of 94.20/27- next support targets 93.69 & ~93.40s.

EUR/USD – Constructive while above 1.1672- topside resistance objectives at 1.1779 & 1.1827/52

GBP/USD – Risk for near-term exhaustion but focus is higher while above 1.3164. Topside resistance objectives at 1.336 & 1.3450.

USDCAD – Looking to validate this break of key weekly support- Focus is lower sub 1.3132 for now with support targets eyed at ~1.3046 & ~1.2985.

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 Bank of Canada interest rate decision later on Wednesday and the US Consumer Price Index (CPI) on Thursday. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, USD/CAD, GBP/USD, NZD/USD, Crude Oil, Gold (XAU/USD), GBP/JPY, EUR/AUD, and EUR/JPY.

New to Forex? Get started with this Free Beginners Guide

Key Event 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

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

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