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US Dollar Sell-off Intensifies – Initial Targets in View

The US Dollar Index (DXY) reversed from trendline resistance last week with the decline now approaching initial support targets early in the week. Price action across the USD Majors show similar setups into the open and we’ll continue to favor fading strength in the greenback while below the monthly open. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, NZD/USD, Crude Oil (WTI), Gold, GBP/USD, USD/CAD, SPX, NZD/JPY, EUR/NZD and AUDNZD.

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

Key Levels in Focus

DXY – Reversal from slope resistance now approaching initial support. Risk is lower sub-97 with a break below 96.15/22 needed to fuel the next leg lower.

EUR/USD – Immediate focus is on a reaction at key near-term resistance at 1.1432/45. Price remains constructive while above 1.1312/19.

AUD/USD – Focus remains weighed to the topside while above 7220. Key resistance still 7327/36

Gold – Price is testing near-term resistance at 1225- a breach above 1229 needed to mark resumption. Near-term bullish invalidation raised to 1210.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy – Next Episode on Friday 12/14 at 10:30am ET

Key Event Risk This Week

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Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups:

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

Follow Michael on Twitter @MBForex or contact him at