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Weekly Trade Levels for EUR/USD, AUD/USD, Gold, & More

Weekly Trade Levels for EUR/USD, AUD/USD, Gold, & More

Michael Boutros, Strategist

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Fails at Yearly Highs

The US Dollar Index turned from confluence resistance last week (after spiking into a fresh yearly high) and leaves the DXY vulnerable into the start of the month. There are numerous monthly opening-ranges taking shape around key support / resistance zones and our focus remains on the USD majors ahead of this week’s FOMC interest rate decision. Keep in mind that US Midterm Elections are on tap tomorrow and markets might drift a bit into the close of trade- here are the targets and invalidation levels that matter.

Key Levels in Focus

DXY – Risk for losses remains while below 96.98 on a close basis. Break below 95.71 would be needed to confirm a reversal.

EUR/USDLooking for exhaustion at the 1.1345/60 support zone. Daily close above 1.15 needed to suggest a more significant low is in place.

AUD/USD – Key resistance confluence at 7252– breach targets 7327. Constructive while above 7111.

USD/CAD – Critical resistance range still at 1.3130/55- a break below 1.3022 needed to validate the turn.

Gold – Key resistance still 1238- breach targets 1250/52. Interim support 1222 with bullish invalidation steady at 1214.

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

It’s a big week of event risk with central bank interest rate decisions from the RBA, the FOMC and the RBNZ highlighting the economic calendar. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, NZD/USD,AUD/USD,Gold,USD/JPY,AUD/JPY, S&P 500 (SPX) and NIFTY.

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

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

https://www.dailyfx.com/calendar?ref=SubNav?ref-author=Boutros

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

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