Never miss a story from Michael Boutros

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Michael Boutros

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

US Dollar on the Defensive Ahead of FOMC

It’s a major week of event risk with the FOMC interest rate decision and U.S. Non-Farm Payrolls (NFP) on tap. The US Dollar Index reversed sharply just ahead of Fibonacci resistance last week with the decline now approaching the 61.8% retracement of the recent advance at 95.66. We’re on the lookout for a reaction here early in the week with broader risk weighted to the downside for the USD. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, Gold, USD/JPY, GBP/JPY, AUD/USD, and SPX.

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

Key Levels in Focus

DXY – Monthly open resistance at 96.15 with the risk lower while below 96.30s – Initial support 95.66 backed by the 100DMA / 61.8% retracement at 95.25/30.

EUR/USD – Critical near-term resistance targets at 1.1445/50 and 1.1463 – look for a bigger reaction there for guidance.Initial support at 1.1350 with broader bullish invalidation steady at 1.13.

GBP/USD – Risk remains for near-term exhaustion sub-1.3181 with near-term bullish invalidation at 1.3072. Broader outlook remains constructive while above 1.2970.

Gold – Price breakout testing BIG resistance at1302 (2018 open). Initial support 1287 with near-term bullish invalidation raised to the yearly open at 1279. A topside breach targets subsequent resistance objectives at 1322.

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

Key Event Risk This Week

Economic Calendar

Active Trade Setups:

Learn how to Trade with Confidence in our Free Trading Guide

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

Follow Michael on Twitter @MBForex