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DXY Holds Slope Resistance, Euro Support – Volatility Breakout Imminent
It’s the start of a new month with the USD majors testing critical technical levels into the weekly open. A study of weekly momentum, range and volatility indicators suggest prices may be on the cusp of a larger breakout (trend) over the coming days – stay nimble into the June open. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, USD/JPY, AUD/USD, Gold, Crude Oil (WTI), EUR/NZD, SPX (S&P 500) EUR/CAD & USD/CHF.
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Key Trade Levels in Focus
DXY – Risk is lower sub-98.10 into the start of the week. Initial support objectives at 97.53 and 97.42- look for a bigger reaction there IF reached. Downside break would expose 97.18.
EUR/USD – Rally is approaching initial resistance objectives 1.1215 – a breach there is needed to suggest a larger reversal is underway targeting 1.1237/41 & 1.1265. Initial support 1.1186 backed by 1.1159- bullish invalidation at 1.1140.
USD/CAD – Immediate risk is lower sub-1.3537 targeting 1.3435/37- a break / close below is needed to validate a larger reversal targeting 1.3388 & 1.3371.
USD/JPY – Initial resistance at 109 with bearish invalidation at 109.31. Downside support objectives eyed at the 2017 low-day close at 107.84 and the 61.8% retracement at 107.60.
Gold – Breakout targeting topside resistance objectives at 1321/23. Weekly open support at 1305 backed by closely by 1302- bullish invalidation now raised to 1296. A breach higher would exposes the yearly HDC at 1337.
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:
- Canadian Dollar Price Outlook: USD/CAD Breakout Stalls- Loonie Levels
- Gold Price Outlook: XAU Defends Yearly Lows– Breakout Levels Defined
- Oil Price Outlook: Crude Crushed – Trade Levels to Know for WTI
- Aussie Price Outlook: Australian Dollar in Search of Support
---Written by Michael Boutros, Currency Strategist with DailyFX
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