- Technical trade setups we’re tracking into the start of the week on 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
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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 - latest economic developments and upcoming event risk
Other Setups in Play:
- NZD/USD Technical Outlook: Kiwi Threatens Near-term Price Exhaustion
- XAU/USD Technical Outlook: Gold Price Breakdown Testing Support
- USD/JPY Technical Outlook: Is Yen Relief in Sight?
- Crude Oil Technical Outlook: Prices Plummet towards Initial Support
- US Dollar Trade Levels– Majors Carve Clear Monthly Opening-ranges (Webinar)
Weekly Technical Updates:
- New Zealand Dollar (NZD/USD)
- Crude Oil Prices (WTI)
- Euro (EUR/USD)
- British Pound (GBP/USD)
- Australian Dollar (AUD/USD)
- Canadian Dollar (USD/CAD)
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com
