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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.

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

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.

AUD/USD – Initial support at 7086 with bullish invalidation at 7021. Key resistance at 7255/75.

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

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups:

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

Follow Michael on Twitter @MBForex