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Weekly Strategy Webinar: Trading the Trump Pullback in USD

Weekly Strategy Webinar: Trading the Trump Pullback in USD

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US Dollar – New Week, Same Story

Here we go again- a sixth attempt to break above the 200-week moving average failed last week in the DXY and once again leaves highlights the exhaustion risk for the US Dollar. Despite all the Trump, Trade War and Fed headlines, our focus remains on price with the broader weekly charts still trading at critical levels heading into the final week of July trade. Here the levels that matter.

Key Levels in Focus

DXY – Looking for resistance ahead of yearly high-day close at 95.16- Near-term support still 94.20/24

USD/JPY – Bearish sub-112.65. Near-term support still 110.70/88.

EUR/USD – Constructive while above 1.1641- topside resistance objectives at 1.1779 & 1.1827/52

USD/CAD – Outside-day reversal off the highs keeps focus lower sub-1.3248 targeting 1.31 & 1.3046.

Crude – Risk is lower sub-71.21. Support objectives at 67.14/40 & 66.19

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 Australian CPI, the European Central Bank (ECB) interest rate decision and the first read on US 2Q GDP figures. In this webinar we review updated technical setups on DXY, USD/JPY, NZD/USD, EUR/USD, Gold, Crude, AUD/USD, GBP/USD, GBP/JPY and USD/CAD.

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Key Event Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play:

Weekly Technical Updates:

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

Follow Michael on Twitter @MBForex or contact him at

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