Friday, 16 April 2021 11:53 GMT

Weekly Technical Outlook: USD Turn or Burn at Key Resistance

(MENAFN - DailyFX) Review of current / active setups into the weekly open Review the mini-series Join Michael for Live Weekly Trading Webinars on Markets are illustrating a perfect example of when there is clarity in price, but not in near-term trend. Simply put, technically prices remain within well-defined structural patterns, but recent price action offers little conviction on the immediate bias.

That said, today we took an in-depth look at the majors from a weekly, daily & intraday standpoint to get a larger perspective on where we are in trend. The dollar advance is eyeing long-term technical confluence and the focus this week is on the 94.03/20 resistance barrier.

Similarly, is eyeing a long-term resistance confluence around ~9880s, and while I don't want to get stung again trying to call a high, the advance looks vulnerable near-term while below this barrier.

A look at prices highlights the significance of the resistance barrier we turned from last week and leaves the cryptocurrency vulnerable for further losses near-term. Initial areas of interest for support are eyed around 5565 & 5423- look for a reaction at one of these levels.

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In this webinar we reviewed current & pending setups and updated technical levels on , , , , , USDCHF, , , Crude and Bitcoin. Highlighting this week's economic docket will Aussie CPI, UK GP, the ECB interest rate decision and US 3Q GDP figures on Friday.

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Key Data Releases

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Other Setups in Play:

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

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