• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

USD Grinds into Weekly Support – DXY Levels

Forex Tips by Forex Tips
September 19, 2020
in Technical Analysis
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


US Dollar Technical Price Outlook: DXY Weekly Trade Levels

  • US Dollartechnical trade level update – Daily & Intraday Charts
  • USD snaps two-week winning streak – monthly range is preserved
  • DXY bears vulnerable while above 92.28– bearish invalidation steady at 94.65

The US Dollar is off more than 0.35% this week with the DXY snapping a two-week winning streak after rebounding off long-term trend support. While the broader outlook remains weighted to the downside, the risk remains for a near-term recovery in the greenback as the index responds to long-term uptrend support. These are the updated technical targets and invalidation levels that matter on the US Dollar Index weekly price chart. Review my latest Strategy Webinar for an in-depth breakdown of this DXY technical setup and more.

Starts in:

Live now:

Sep 21

( 12:09 GMT )

Live Weekly Strategy Webinars on Mondays at 12:30GMT

Weekly Scalping Webinar

Register for webinar

Join now

Webinar has ended

US Dollar Index Price Chart – DXY Weekly

US Dollar Index Price Chart - DXY Weekly - USD Trade Outlook - USD Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; US Dollar Index on Tradingview

Notes: In last month’s US Dollar Weekly Price Outlook we noted that the DXY sell-off was, “testing slope support at fresh multi-year lows and while the risk remains weighted to the downside, the immediate decline may be vulnerable here.” The level in focus was the 2018 yearly open at 92.28– this threshold held on a close basis with the index registering an intra-week low at 91.75 into the start of September. A rally of more than 2% off the lows failed last week with the index trading into the mid-month range heading into the close of the week.

Initial weekly resistance stands at the 61.8% Fibonacci retracement off the 2018 advance / 2016 low-week close at 93.88/92 with a breach above the March lows at 94.65 needed to suggest a larger recovery is underway. Initial support steady at 92.28 backed by the 2016 swing low at 91.92– ultimately a break / close below the 2017 low-week close / 78.6% retracement at 91.33/40 is needed to mark resumption of the broader downtrend with such a scenario risking accelerated losses for the greenback towards the 2018 lows.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: The US Dollar has responded to long-term technical support but keeps the index within the confines of the September opening-range. From a trading standpoint look for downside exhaustion ahead of 92.28 IF price is heading higher with a close above 94.65 needed to fuel a larger recovery. Ultimately, a larger recovery may offer more favorable opportunities closer to slope resistance within then yearly US Dollar downtrend.

USD Forecast

USD Forecast

Recommended by Michael Boutros

Download Our Latest Quarterly US Dollar Price Forecasts!

Key US Data Releases

USD Economic Calendar - Dollar Event Risk - DXY Event Risk

Economic Calendar – latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

Building Confidence in Trading

Building Confidence in Trading

Recommended by Michael Boutros

Learn how to Trade with Confidence – Free Trading Guide

— Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex





Source link

Share76Tweet47

Related Posts

Our data shows traders are now net-short EUR/GBP for the first time since Jan 12, 2021 when EUR/GBP traded near 0.89.

Our data shows traders are now net-short EUR/GBP for the first time since Jan 12, 2021 when EUR/GBP traded near 0.89.

by Forex Tips
April 12, 2021
0

Number of traders net-short has increased by 38.61% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

April Opening Range Casts Bearish Outlook for DXY

by Forex Tips
April 11, 2021
0

US Dollar Talking PointsThe US Dollar Index (DXY) attempts to retrace the decline from the earlier this week as...

Australian Dollar Technical Forecast: AUD/USD at Crucial Juncture

by Forex Tips
April 11, 2021
0

AUD/USD Technical OutlookAUD/USD trading below neckline of head-and-shoulders patternNot much more time left for price to negate the patternWeakness...

Retail Investors Buying the Dip?

Inverse “Head and Shoulders” Pattern Hints At Upside Potential

by Forex Tips
April 10, 2021
0

Nasdaq 100 index Technical Forecast: BullishThe Nasdaq 100 index resumed its upward trajectory, aiming to challenge its record highsPrices...

USD/JPY at a Big Spot for Directional Themes

USD/JPY at a Big Spot for Directional Themes

by Forex Tips
April 10, 2021
0

USD/JPY Technical Forecast: NeutralUSD/JPY had a very strong Q1 as the reflation theme drove a bullish trend in the...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.