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DXY, Euro, Oil at Key Technical Levels
FX market digestion has continued into Q2, and this week’s economic calendar brings a flurry of drivers on Wednesday with the release of FOMC minutes and the European Central Bank. This is the first interest rate decision since the bank triggered a fresh round of TLTROs at the March meeting. There are several Majors trading into key technical levels early in the month and the focus is on possible exhaustion of the recent moves. The In this webinar we review updated technical setups on DXY, EURUSD, GBPUSD, AUDUSD, USDCAD, Gold, Crude Oil (WTI), SPX, NZDUSD, AUDNZD, DAX and EURJPY.
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Key Levels in Focus
DXY – Focus is on the 2018 high-week close at 97.42 and the key 61.8% retracement at 97.87 – looking for possible exhaustion off one of these levels. Support at 96.84 backed by 96.63.
EURUSD – Initial topside resistance objectives at 1.1285 backed by 1.13 – look for a bigger reaction there IF reached. Support along the lower parallel / weekly open at 1.1214. Critical support still 1.1186 and 1.1131. (ECB on tap on Wednesday)
Gold – Price testing resistance here at 1302. Constructive near-term while above the weekly open at 1291. A topside breach targets 1307 backed by 1313 (broader bearish invalidation)
Crude Oil – Focus is on key resistance confluence at 63.57/68–weekly close above is needed to keep the long-bias viable targeting 65 and beyond. Interim support at the 200DMA ~61.35 backed by bullish invalidation at 60.06.
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 - latest economic developments and upcoming event risk
Active Trade Setups:
- Gold Price Technical Outlook: GLD Targeting Yearly Open Support
- Euro Price Outlook: EUR/USD Sets Opening Range Above Critical Support
- Sterling Price Outlook: Pound at Key Support as Brexit Saga Continues
- Canadian Dollar Price Outlook: USD/CAD- Break or Bend, Monthly Highs
- Oil Price Outlook: Crude Breakout Battles 60- WTI Trade Levels
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex