- Technical trade setups we’re tracking into the start of the week
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US Dollar Recovery at First Major Resistance Hurdle
The US Dollar mounted recovery off slope support last week with the advance taking price into initial resistance zones. We’re on the lookout for possible topside exhaustion in the DXY just higher heading into the start of the week. In this webinar we review updated technical setups on DXY, EUR/USD, Gold, AUD/USD, USD/CAD, Crude Oil (WTI), NZD/USD, AUD/JPY and GBP/USD.
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Key Levels in Focus
DXY – Risk is lower while below the 96-handle. Interim support 95.15 backed by the 200-day moving average around ~94.90s. Broader bearish invalidation at the monthly open.
EUR/USD – Critical confluence resistance at 1.1586-1.1603. Monthly / yearly open support at 1.1445 with bullish invalidation steady at 1.13.
Gold – Price in consolidation just below topside resistance 1302 (2018 open). Initial support 1284 with near-term bullish invalidation at 1265.
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 Price Technical Outlook: Breakout Imminent Near Seven-Month High
- USD/CAD Price Outlook: Rally Stalls at Critical Resistance Zone
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex