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Webinar: US Dollar Rip to Yearly Highs from Differing Vantage Points

Webinar: US Dollar Rip to Yearly Highs from Differing Vantage Points

Michael Boutros, Strategist

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

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

NZD/USD – Focus is lower in Kiwi sub-6660. Main support target at 6515/17

Gold – Risk is lower sub-1215– Next key support range in gold at1175/80.

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.

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.

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