USD Reverses from Key Resistance Zone
Last week we highlighted a key confluence resistance range in the US Dollar Index (DXY) at 91.20/27[1] and, “although the broader outlook remains constructive, the near-term technical picture suggests price may be vulnerable heading into this key zone.” The USD closed just below this threshold[2] on Friday and the risk remains for further losses while below this threshold.
Key Levels in Focus
DXY[3] – Resistance at 94.20/27. Initial support at 93.43 & 92.64, broaderbullish invalidation at 92.28
EURUSD[4] – Key near-term support at 1.1705(subsequent support 1.1616). Resistance 1.1827 backed by 1.1915
AUD[5]USD[6] – Initial support 7582 with bullish invalidation now raised to 7481. Topside resistance objectives at 7660 backed by 7708 (head & shoulders measured objective)
USDCHF[7] – Support at 9846/52- Resistance & near-term bearish invalidation at 9908
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The Reserve Bank of Australia (RBA) interest rate decision highlights a rather light week of event risk. In this webinar we review updated technical setups on DXY, EURUSD, AUDUSD[9], USDCHF, USDCAD[10], GBPUSD[11], GBPAUD[12], GBPJPY[13], Gold[14], SPX (S&P 500).
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Key Data Releases
