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US Dollar Recovery in Focus – Pullback to Offer Opportunity

The US Dollar Index (DXY) has been on the offensive for nearly two weeks with the DXY rebounding more than 1.6% off the September lows. While the reversal does threaten a larger recovery in the greenback, the threat of a near-term exhaustion pullback may offer a few setups across the majors into the start of the month. Here are the levels that matter this week.

Key Levels in Focus

EUR/USD – Risk is lower ssub-1.1693. Slope support around 1.1660s -Key support still 1.1510/30.

USD/JPY – Initial topside resistance targets at 114.37/50. Support & bullish invalidation at 113.08/27.

Gold –– Looking for support hold ahead of 1172. Initial resistance 1194 with bearish invalidation at 1210/15.

Crude Oil – Focus is on key resistance zone at 73.80-74.94to start the month- breach exposes 77.26. Support at 71.10/20 with bullish invalidation at 67.83.

Why does the average trader lose? Avoid these Mistakes in your trading

Highlighting this week’s economic calendar will be the RBA interest rate decision on Tuesday and key employment reports from both the US and Canada on Friday. Consensus estimates are calling for a Non-Farm Payrolls (NFP) print of 185K for the month of September with the unemployment rate expected to slip to 3.8%. Keep in mind it’s the start of a new quarter and we’ll want to tread lightly into the monthly opening ranges. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/JPY, USD/CAD, Gold , Crude, AUD/USD, AUD/JPY and GBP/AUD.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

KeyEvent Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com