- 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
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US Dollar Turns from Yearly Highs ahead of Jackson Hole
The US Dollar Index (DXY) failed just ahead of slope resistance last week on building divergence and we’re looking to further validate IF indeed a near-term high is in place. The USD crosses look clean with well-defined levels in view ahead of this week’s highly anticipated annual Economic Symposium in Jackson Hole Wyoming. While it’s unlikely we’ll get any new information from the Fed on the path of monetary policy, the greenback looks vulnerable after last week’s pullback and keeps the focus on USD Majors into the start of the session.
Key Levels in Focus
DXY – Look for resistance ahead of the high-day close at 96.71- Support 95.55, bullish invalidation 95.15
EUR/USD – Looking for support hold ahead of1.1366- initial resistance 1.1448 & 1.1495
USD/CHF – Focus remains on break of the 9895-9991 consolidation zone (downside favored)
USD/JPY – Focus remains on a possible drop towards key confluence support at 109.91
AUD/USD – Immediate focus is on a reaction at the 7327/36 pivot zone for guidance (longs vulnerable into this level).
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Highlighting this week’s economic calendar will be the release of minutes from the most recent FOMC and ECB interest rate decisions as well as US Durable Goods Orders for the month of July. Market participants will be lending a keen ear to remarks from central bank officials at Jackson Hole on Friday- stay nimble into the close. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CHF, USD/JPY, NZD/USD, Gold, Crude, USD/CAD, AUD/USD, SPX, NASDAQ and GBP/USD.
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Key Event Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Active Trade Setups in Play:
- USD/CHF Price Outlook: Pending Swissy Technical Breakout
- XAU/USD Price Analysis: Gold Plummets into Downtrend Support
- EUR/USD Price Analysis: Euro Testing 1.13 – Is Relief in Sight?
- Crude Oil Price Analysis: Sell-off Approaching Key Support Targets
- USD/JPY Price Analysis: Yen Strength Pulls Back, But Door Remains Open
Weekly Technical Updates:
- US Dollar (DXY)
- Crude Oil Prices (WTI)
- New Zealand Dollar (NZD/USD)
- Euro vs US Dollar (EUR/USD)
- Aussie vs Japanese Yen (AUD/JPY)
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com
