- Technical trade setups we’re tracking into the start of the week / month / year
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Post-NFP Decline takes USD into Support
The majors are trading at some critical inflection zones to start the year and a look at the DXY sees further downside risk for the US Dollar IFprice breaks through near-term support. For now, the focus to start the week is on possible near-term exhaustion for this latest USD drop with a recovery to offer more favorable entries. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/CAD, AUD/USD, NZD/USD, Gold, USD/JPY, Crude Oil (WTI), and NZD/CAD.
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Key Levels in Focus
DXY – Focus is on a break of the critical near-term support at 95.68. A move lower exposes 95.31 – Resistance at 96.23 with bearish invalidation at 96.61.
EUR/USD – Initial resistance at the 100-day moving average around 1.1477 backed by 1.1516/24 (key). Support at 1.1323 with bullish invalidation steady at 1.13.
AUD/USD – Initial support at 7086 with bullish invalidation at 7021. Initial resistance at 7145 backed by 7188 and 7255/75 (key).
Gold – Topside resistance still at 1302 (2018 open). Initial support 1262 with broader bullish invalidation steady at 1236.
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 1/25 at 10am ET
Key Event Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Active Trade Setups:
- Gold Weekly Technical Outlook: Bulls Stopped Short Ahead of Key Level
- USD/JPY Weekly Price Outlook: Levels to Know after the ’Flash Crash’
- AUD/JPY Weekly Price Outlook: Aussie Plummets to Multi-Year Lows
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex