DXY 120min Chart
Markets

Near-term Setups in DXY, NZD/USD, EUR/NZD & AUD/USD

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DXY 120min

DXY : The index has been trading within this ascending formation off the February low with this recent decline eyeing a key confluence support region just lower at 100.20 - a region defined by the 61.8% retracement of the monthly advance, the lower median-line parallel of the ascending structure and the 100-day moving average. I'll be looking for signs of exhaustion / long-entries on a drop into this region with a rally back above 101 needed to clear the way for the next leg higher. I'm curbing my expectations for the dollar here as far as trend and think we could see a little more chop. That said, the near-term outlook remains constructive while above 100.20.

NZDUSD 120min

NZDUSD: One last thrust higher before turning over? Look for resistance at 7255-7283 - with my focus weighted to the downside while within this formation. A break back below the weekly open targets support objectives at 7180 & 7130/43 .

EURNZD: Heading into New Zealand retail sales figures this afternoon, I'm generally looking to fade weakness while above the 1.47 -handle with key near-term resistance at 1.4783 - we've already seen a reaction off this mark today in U.S. trade. Highlighted this setup in today's Scalp Report .

AUDUSD: Daily divergence into the highs highlights the risk for a near-term pullback but the trade remains constructive while above the monthly open ( 7570/83 ). Levels / outlook remain unchanged from earlier this week. Latest AUDUSD Update (2/15)

Looking for trade ideas? Review DailyFX's 2017 1 Q Projections

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

J oin Michael for Live Weekly Trading Webinar s on Mondays on DailyFX at 1 3:30 GMT ( 8 :30ET)

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Clic k H ere to be added to his email distribution list .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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