- Technical trade setups we’re tracking into the start of the week
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US Dollar at Support Heading into Big Week of Event Risk
The US Dollar Index is trading into uptrend support to start the week with major event risk on tap. Amid the releases we’re tracking this week will be the Fed’s semi-annual Humphrey Hawkins testimony before congress, the US-North Korean Summit in Vietnam and U.S. / Canada 4Q GDP figures on Thursday & Friday. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, NZD/USD, USD/CAD, Crude Oil (WTI), GBP/USD and Gold.
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Key Levels in Focus
DXY – Pullback testing uptrend support with a break below 96.27 needed to suggest a larger reversal is underway targeting 96. Resistance / near-term bearish invalidation at 96.70.
EUR/USD – Price is trading just below near-term resistance at 1.1375 with a more significant confluence region at 1.1398-1.1407- a breach / close above needed to fuel next leg higher. Support / near-term bullish invalidation steady at 1.13.
AUD/USD – Focus remains on key resistance into the 72-handle with the immediate advance vulnerable while below. Weekly open support at 7135 with near-term bullish invalidation steady at the low-week close at 7115.
Gold – Price remains vulnerable sub-1341 near-term. Initial support 1320 backed by 1311 with bullish invalidation steady at 1302. Topside breach targets the 2018 HDC at 1348/50 (key resistance).
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Key Event Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Active Trade Setups:
- Gold Price Technical Outlook: XAU/USD Rejected at Resistance
- Australian Dollar Price Outlook: AUD/USD Recovery Faces First Test
- Canadian Dollar Price Outlook: USD/CAD Fails at Monthly Range Highs
- EUR/USD Price Outlook: Euro Back Above 1.13 – Bull Trap or Breakout?
---Written by Michael Boutros, Currency Strategist with DailyFX
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