- Review of broader technical outlook on the USD Majors heading into 2018
- Updated targets & invalidation levels
- Live Weekly Trading Webinar s on Mondays on DailyFX at 1 3:30 GMT ( 8 :30ET)
Welcome to 2018 trade! Today we took an in-depth, multi-timeframe look at the DXY (US Dollar Index) and the USD Majors with numerous pairs coming into some critical levels to start the year.
While our broader outlook for the greenback remains weighted to the downside, the immediate threat this week is sideways to higher in the index as EURUSD, AUDUSD, NZDUSD and USDCAD respond to key respective pivot ranges.
Euro - Focus range support is 1.1945/65
Aussie- Focus range is 7800-7886/97
Kiwi- Slope resistance basically here just below 7200
Loonie- Key daily support 1.2388 , breakdown would target slope near ~ 1.23
For a complete breakdown of Michael's technical approach, review his Foundations of Technical Analysis mini-series
It's a light week for economic data with Eurozone GDP and US CPI / Retail Sales highlighting event risk this this week. Updated technical setups discussed on DXY, EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, EURAUD, EURNZD, Crude, Gold, GBPCAD & EURJPY.
New to Forex? Get started with this Free Beginners Guide
Key Data Releases
Other Setups in Play:
- USD/CAD Bears to Face NFP / Canada Employment
- EUR/USD Technical Analysis - Price Rebound Eyes Key Resistance Hurdles
- Crude Oil Price Analysis: Multi-month Consolidation Break Imminent
- NZD/USD Technical Analysis - Pullback to Offer Opportunity
Looking for more trade ideas? Review DailyFX's New 2018 Projections
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from IG .