- DXY responds to resistance- pullback eyeing near-term support targets
- Updated targets cancellation levels
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Technical Outlook:The DXY is responding to slope insurgency fluctuating off Apr highs (red) with several other technical considerations concentration only aloft during 101.80-102.05. The risk is weighted to a downside while next this threshold with daily support seen during a reduce together (currently around 100.55/60) vicious support during 100.02/20.
Notes: A closer demeanour during cost movement highlights today’s miscarry off near-term connection support during 100.80/89– a segment tangible by a 100% extension, a weekly open and median-line support. Initial insurgency stands during 101.24 with a mangle reduce targeting 100.72 100.55. From a trade standpoint, I’ll preference vanishing strength while next today’s high with a mangle next this arrangement indispensable to advise a some-more poignant high is in place for a index. Such a unfolding eyes successive objectives
Relevant Data Releases
Other Setups in Play:
- USD/JPY Decision Time- 112.30 Line in a Sand
- Crude Prices Flirt with Key Resistance- 2017 Opening Range Intact
- USD/CAD Constructive Above 1.3070 Ahead of Canada Retail Sales
- EUR/NZD Targeting Resistance- Monthly Range Break to Validate Outlook
—Written by Michael Boutros, Currency Strategist with DailyFX
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