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Weekly Trade Levels for US Dollar Majors, Gold, Crude Prices & More

Weekly Trade Levels for US Dollar Majors, Gold, Crude Prices & More

2018-10-22 15:30:00
Michael Boutros, Strategist
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US Dollar Index Looks to Challenge 2018 High-Week Close

Despite all the volatility, the US Dollar Index (DXY) continues to trade within its monthly opening range with key resistance this week eyed just higher. The majors have each come into respective areas of technical significance and we’re looking for some range-breaks in the days ahead. Technical setups on the commodities have also put gold and crude back into focus this week- here are the targets and invalidation levels that matter.

Key Levels in Focus

DXY – Resistance at the high-week close at 96.13- breach there exposes the high-day close at 96.71.Monthly open support at 95.11.

EUR/USD – Price would need to stabilize above 1.15 for the bulls to have a chance. Resistance / bearish invalidation steady at 1.1624/28. Support 1.1432 & 1.1411.

USD/JPY – Looking for failure into 113.08/27- Break below yearly up-slope support / 112 would be exposes 111.46/ 60.

Gold – Critical resistance at 1235/38. Interim support 1214/15 with near-term bullish invalidation at 1208.

Crude Oil – Focus to start the week is on key multi-yearly slop support, break sub-67.34/83 to validate breakdown.Initial resistance now at 71.36/50 with bearish invalidation at monthly open at 73.50.

Why does the average trader lose? Avoid these Mistakes in your trading

Highlighting the economic docket this week will be central bank rate decisions from the Bank of Canada (BoC) and the European Central Bank (ECB), with US 3Q GDP figures slated for Friday. In this webinar we review updated technical setups on DXY, TNX (10yr Treasury Yield), EUR/USD, USD/JPY, USD/CAD, NZD/USD, S&P 500 (SPX), Gold, Crude Oil, GBP/JPY, AUD/USD, GBP/USD and EUR/JPY.

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

Key Event Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups in Play

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

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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