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Webinar: EUR/USD Bounce in Focus as USD Struggles at Yearly Highs

Webinar: EUR/USD Bounce in Focus as USD Struggles at Yearly Highs

2018-08-20 15:32:00
Michael Boutros, Technical Strategist
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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).

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 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

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups in Play:

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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