Weekly Strategy Webinar: Key Trading Levels on the US Dollar Majors
- Technical trade setups we’re tracking into the start of the week on the US Dollar Majors
- Check out our 2018 3Q projections in our Free DailyFX USD Trading Forecasts
- Live Weekly Trading Webinars on Mondays on DailyFX at 8:30ET
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.
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 - latest economic developments and upcoming event risk
Weekly Technical Updates:
- Euro vs US Dollar (EUR/USD)
- Aussie vs Japanese Yen (AUD/JPY)
- British Pound (GBP/USD)
- Australian Dollar (AUD/USD)
- Euro vs Japanese Yen (EUR/JPY)
- New Zealand Dollar (NZD/USD)
- Japanese Yen (USD/JPY)
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.