- Technical trade setups we’re tracking into the start of the week on the USD Majors and more
- Check out our 2018 4Q 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 Index Looks to Challenge 2018 High-Week Close
Despite all the volatility, the US Dollar Index (DXY) continues to trade within its monthly opening range with key resistance this week eyed just higher. The majors have each come into respective areas of technical significance and we’re looking for some range-breaks in the days ahead. Technical setups on the commodities have also put gold and crude back into focus this week- here are the targets and invalidation levels that matter.
Key Levels in Focus
DXY – Resistance at the high-week close at 96.13- breach there exposes the high-day close at 96.71.Monthly open support at 95.11.
EUR/USD – Price would need to stabilize above 1.15 for the bulls to have a chance. Resistance / bearish invalidation steady at 1.1624/28. Support 1.1432 & 1.1411.
USD/JPY – Looking for failure into 113.08/27- Break below yearly up-slope support / 112 would be exposes 111.46/ 60.
Gold – Critical resistance at 1235/38. Interim support 1214/15 with near-term bullish invalidation at 1208.
Crude Oil – Focus to start the week is on key multi-yearly slop support, break sub-67.34/83 to validate breakdown.Initial resistance now at 71.36/50 with bearish invalidation at monthly open at 73.50.
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Highlighting the economic docket this week will be central bank rate decisions from the Bank of Canada (BoC) and the European Central Bank (ECB), with US 3Q GDP figures slated for Friday. In this webinar we review updated technical setups on DXY, TNX (10yr Treasury Yield), EUR/USD, USD/JPY, USD/CAD, NZD/USD, S&P 500 (SPX), Gold, Crude Oil, GBP/JPY, AUD/USD, GBP/USD and EUR/JPY.
For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy
Key Event Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Active Trade Setups in Play
- GBP/JPY Price Outlook: British Pound Vulnerable Below This Level
- Gold Price Outlook: XAU/USD Breakout to Intensify as Volatility Surges
- GBP/USD Price Outlook: Sterling Trade Levels for Upcoming Brexit Talks
- USD/JPY Technical Outlook: Price Testing Yearly Up-Trend Support
- EUR/USD Price Outlook: Euro Reversal Eyes Initial Resistance Hurdle
- Webinar: Trade Levels for USD Majors, Gold and More amid the Recent Stock Drop
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com
