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US Dollar Flat for July- Monthly Opening Range in Focus

Trading market turns are always tricky, but a few of the setup’s we’ve been tracking have price testing some critical levels. We’re looking for follow-through this week with some well-defined monthly opening-ranges in view. The DXY has continued to fail ahead of weekly resistance and keeps the broader long-bias vulnerable near-term.

Key Trade Levels in Focus

DXY – Looking for resistance ahead of yearly high-day close at 95.32- Near-term support still 94.20/24

EUR/USD – Constructive while above 1.1650- 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 1.3290 & 1.3362.

Crude – Risk is lower sub-73. Support objectives at 68.03 & 67.14

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 Federal Reserve Chairman Jerome Powell’s remarks before congress at the semi-annual Humphrey Hawkins testimony. Keep in mind we also get the release of UK CPI and the Aussie employment- both of events of interest considering their current technical setups. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, Crude, Gold, USD/JPY, AUD/USD and Bitcoin.

New to Forex? Get started with this Free Beginners Guide

KeyEvent Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play:

Weekly Technical Updates:

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 mboutros@dailyfx.com