We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • RT @jessefelder: 'In data going back to 1984, the S&P 500, crude oil and gold have never jumped at least 10% together through the first thr…
  • Is there a scenario where we could still hit a 'no-deal' Brexit by default ('cutting the brake lines' as it were)?
  • US Treasury Yields Update: 2-Year: 1.621% 3-Year: 1.604% 5-Year: 1.614% 7-Year: 1.702% 10-Year: 1.791% 30-Year: 2.271% $TNX
  • Crude Oil Prices Jump on OPEC Supply Cut Hopes This December - via @DailyFX https://www.dailyfx.com/forex/market_alert/2019/10/22/crude-oil-prices-jump-on-OPEC-supply-cut-hopes-this-december.html $CL_F $USO #OOTT
  • This downdraft by $USDMXN is getting stretched. Nearing significant support. Balance of risk trends and trade wars skews for Dollar, perhaps not Fed anticipation though https://t.co/3qUW15hY8x
  • Will gold benefit from turmoil in the markets? And what impacts are geopolitical risks having on #oil? Find out from @Monte_IG of @IGMENA only on Trading Global Markets Decoded #podcast. Tune in today! https://t.co/Mv1GatGlLb https://t.co/RHvcnlcsXz
  • UK PM Johnson ready to accept a 10 day Brexit delay - Financial Times
  • Secretary Mnuchin says the Financial Stability Oversight Council has created a subcommittee to address cryptocurrencies $BTC #Libra
  • $CL_F $USO #WTI https://t.co/z9ELWaNDqo
  • AUD/USD, NZD/USD Price Forecast: Bullish Signals and Critical Levels More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2019/10/22/AUDUSD-NZDUSD-Price-Forecast-Bullish-Signals-and-Critical-Levels-MK.html?CHID=9&QPID=917714 https://t.co/gyZPcuj678
Weekly Strategy Webinar: Key Trading Levels on the US Dollar Majors

Weekly Strategy Webinar: Key Trading Levels on the US Dollar Majors

2018-08-06 15:06:00
Michael Boutros, Technical Strategist
Share:

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Testing Yearly Highs Post-NFP, FOMC

Here we go again- This is the eighth attempt for the DXY to breach above the 200-week moving average and the focus is on this threshold heading into the start of the week. The summer doldrums are upon us and while markets remain range-bound, a broader look at price still has the majors pressing critical inflections zones early in the month. Patience pays during these time periods; remember, times of contracting price action typically precede larger surges in volatility. Simply put, things can / will change quickly- be ready and know the trading levels.

Key Trade Levels in Focus

DXY – Looking for resistance ahead of yearly highs- Near-term support still 94.20/24

USD/JPY – Looking for resistance ahead of the monthly open at 111.88- Key support still 110.70/88.

EUR/USD – Testing critical support zone at 1.1529/54. Key resistance at 1.1616

GBP/USD – Key support confluence rests at 1.2877, looking for a reaction there. Resistance at 1.3164

AUD/USD – The focus is on a break of the 7327-7500 zone with the RBA on tap tonight

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 RBA (Reserve Bank of Australia) & RBNZ (Reserve Bank of New Zealand) interest rate decisions, Japan & UK 2Q GDP and the US Consumer Price Index (CPI) on Friday. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, GBP/JPY, AUD/USD, USD/CAD, NASDAQ, Crude, Gold, Bitcoin (BTC/USD) and USD/JPY.

Why does the average trader lose? Avoid these Mistakes in your trading

Key Event Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Weekly Technical Updates:

---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.

DISCLOSURES

News & Analysis at your fingertips.