DXY Do or Die – Trendline Break to Seal a Fate

Talking Points

  • DXY responds to resistance- pullback eyeing near-term support targets
  • Updated targets cancellation levels
  • Looking for some-more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)

DXY Daily

DXY Daily Chart

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.

DXY 120min

DXY 120min Chart

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

DXY Do or Die – Trendline Break to Seal a Fate

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

Follow Michael on Twitter @MBForex hit him during mboutros@dailyfx.com or Click Here to be combined to his email placement list.

About author

PM announces banking tribunal

Video Image The bosses of the big four banks appear open to the government’s idea of a tribunal for the sector. Prime Minister Malcolm Turnbull ...