- Technical trade setups we’re tracking into the start of the week the USD Majors
- Check out our 2018 USD projections in our Free DailyFX Trading Forecasts
- Live Weekly Trading Webinars on Mondays on DailyFX at 8:30ET- Foundations of Technical Analysis Webinar this Friday at 10ET
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 - latest economic developments and upcoming event risk
Other Setups in Play:
- GBP/USD Technical Outlook: Sterling, Down but Not Out
- XAU/USD Technical Outlook: Moment of Truth for Gold Prices
- USD/JPY Technical Outlook: Price Rally Approaching Critical Resistance
- AUD/USD Technical Outlook: Trading the Aussie Price Recovery
- US Dollar Recovery to Offer Opportunity– Pending Weekly Trade Setups (Webinar)
Weekly Technical Updates:
- Crude Oil Prices (WT)
- Euro (EUR/USD)
- British Pound (GBP/USD)
- Australian Dollar (AUD/USD)
- Canadian Dollar (USD/CAD)
- US Dollar (DXY)
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
