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  • Heads Up:🇧🇷 Interest Rate Decision due at 22:00 GMT (15min) Actual: 6.25% Expected: 6.25% Previous: 5.25%
  • But ,how do you really feel?
  • Central Bank of Brazil sees an additional 100 bps rate hike in October - BBG
  • Brazilian Central Bank hikes 100bps as expected. We have to split hairs for 'hawkish/dovish' in the Fed's views. Pretty straightforward here...
  • Central Bank of Brazil: - Raises Selic rate by 100 basis points to 6.25% - BBG
  • ARKK Innovation (ARKK), the EFT created by Cathie Wood that epitomizes disruptive growth investing, has trended downwards since Sept. 7 after failing to clear resistance in the 126.50 area. Get your market update from @DColmanFX here:
  • Speaking of monetary policy changes, the Brazilian central bank is due to announce its updated policies and the economist consensus is for a 100bp hike to 6.25%. Keep an eye on $USDBRL. Scenario with the most market-moving potential in my book would be a hold and USDBRL rally
  • The implied rate hikes from the Fed through the end of next year (Dec 2022 vs current Fed Fund futures contracts) jumped after today's FOMC report. Goes a long way towards explaining the $DXY Dollar jump here
  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 6.25% Previous: 5.25%
  • The corrective pullback still seems to be in play but the drop below 109.00 has been in the works for too long now, which is a sign of concern for bears. Get your $USDJPY market update from @HathornSabin here:
Weekly Trade Levels for EUR/USD, AUD/USD, Gold, & More

Weekly Trade Levels for EUR/USD, AUD/USD, Gold, & More

Michael Boutros, Strategist

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Fails at Yearly Highs

The US Dollar Index turned from confluence resistance last week (after spiking into a fresh yearly high) and leaves the DXY vulnerable into the start of the month. There are numerous monthly opening-ranges taking shape around key support / resistance zones and our focus remains on the USD majors ahead of this week’s FOMC interest rate decision. Keep in mind that US Midterm Elections are on tap tomorrow and markets might drift a bit into the close of trade- here are the targets and invalidation levels that matter.

Key Levels in Focus

DXY – Risk for losses remains while below 96.98 on a close basis. Break below 95.71 would be needed to confirm a reversal.

EUR/USDLooking for exhaustion at the 1.1345/60 support zone. Daily close above 1.15 needed to suggest a more significant low is in place.

AUD/USD – Key resistance confluence at 7252– breach targets 7327. Constructive while above 7111.

USD/CAD – Critical resistance range still at 1.3130/55- a break below 1.3022 needed to validate the turn.

Gold – Key resistance still 1238- breach targets 1250/52. Interim support 1222 with bullish invalidation steady at 1214.

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

It’s a big week of event risk with central bank interest rate decisions from the RBA, the FOMC and the RBNZ highlighting the economic calendar. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, NZD/USD,AUD/USD,Gold,USD/JPY,AUD/JPY, S&P 500 (SPX) and NIFTY.

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

Key Event 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

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