- Technical trade setups we’re tracking into the start of the week on the US Dollar Majors
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US Dollar Breakout to Fresh Yearly Highs Testing Slope Resistance
The US Dollar Index (DXY) broke / closed above the 200-week moving average we’ve been tracking for months now with the advance taking price into yearly slope resistance. Once again we start the week with the USD at resistance and while the broader focus remains higher, the threat of a near-term pullback remains while below 96.52- look for a breach there to mark resumption.
Key Levels in Focus
DXY – Immediate resistance at 96.52, backed by 97.10/20- Support 95.55, bullish invalidation 95.15
EUR/USD – Testing support at 1.1366- initial resistance 1.1448 & 1.1495. Break lower exposes 1.1280s.
USD/CAD – Looking for support at 1.31 IF price is indeed heading higher. Resistance 1.3165/85
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 Eurozone GDP, the UK Consumer Price Index (CPI), US Retail Sales and Australian employment figures. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, AUD/USD, USD/JPY, USD/CAD, NZD/USD, Gold, Crude Oil, SPX, and NASDAQ.
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Key Event Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Weekly Technical Updates:
- Crude Oil Prices (WTI)
- New Zealand Dollar (NZD/USD)
- Euro vs US Dollar (EUR/USD)
- Aussie vs Japanese Yen (AUD/JPY)
- British Pound (GBP/USD)
- Australian Dollar (AUD/USD)
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at email@example.com