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Strategy Webinar: US Dollar Rally Extends into First Major Hurdle

Strategy Webinar: US Dollar Rally Extends into First Major Hurdle

2018-10-08 15:30:00
Michael Boutros, Technical Strategist
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US Dollar Index Testing Key Resistance Early in the Week

The US Dollar Index (DXY) is testing the first of two major resistance targets at 96.13- a level defined by the yearly high-week close and, “a close above this threshold would be needed to keep the long-bias in play with such a scenario targeting parallel resistance (red) / yearly highs at 96.98. Key support still 93.65/89.” The implications are similar for the Euro with the low-week reversal highlighting 1.1436 as a level of interest. Here are the levels that matter this week.

Key Levels in Focus

DXY – Resistance at 96.13 & 96.98 (key) – both areas of interest for possible near-term exhaustion

EUR/USD – Looking for support early in the week while above the yearly low-week close at 1.1436.

Risk is lower sub-1.1603 (weekly reversal close)

USD/JPY – Initial support at 113.08- break lower would expose 112.65. Weekly open resistance at113.76 backed by 114.37/50(bearish invalidation).

Gold –– Looking for price support ahead of 1180 for the long-bias to remain viable. Key resistance / bearish invalidation still 1215.

Crude Oil – Focus remains on key resistance zone at 73.80-74.94to start the week- 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

In this webinar we review updated technical setups on DXY, TNX (10yr Treasury Yield), EUR/USD, USD/CAD, USD/JPY, AUD/JPY, GBP/AUD, Gold, Crude Oil, GBP/JPY, S&P 500 (SPX) and EUR/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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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