- Technical trade setups we’re tracking into the start of the week
- Check out our 2018 4Q projections in our Free DailyFX USD Trading Forecasts
- Live Weekly Trading Webinars on Mondays on DailyFX at 8:30ET
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Euro to Fresh Yearly Lows – More to go?
The US Dollar Index is testing fresh yearly highs early in the week but the index is pressing up against structural resistance. Likewise, Euro’s drop to fresh yearly lows puts EUR/USD just above confluence support at 1.1239- the focus is on a reaction off these levels. A review of the commodity bloc also points out critical inflections zones on Gold and Crude Oil to start the week- here are the targets and invalidation levels that matter.
Key Levels in Focus
DXY – Break to fresh yearly highs has price testing structural resistance- Key support 96.13. A topside breach targets 97.87
EUR/USD – Looking for exhaustion at the 1.1239 support zone. Daily close above 1.1432 needed to suggest a more significant low is in place. A break lower this week exposes 1.1164/86.
AUD/USD – Looking for support at 7191 & 7160 for entries. Key resistance still 7327/36
Gold – Approaching critical support confluence at 1200/02 (near-term bullish invalidation). A breach above 1215 needed to alleviate downside pressure.
Why does the average trader lose? Avoid these Mistakes in your trading
Highlighting the economic calendar this week will be GDP releases from Japan & the Eurozone and inflation data out of the UK & the US. In this webinar we review updated technical setups on TNX (10yr yields), DXY, EUR/USD, AUD/USD, Gold, USD/CAD, USD/JPY, GBP/USD, GBP/JPY and Crude Oil (WTI).
For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy – Next Episode on Friday 11/16 at 10:30am ET
Key Event Risk This Week
Economic Calendar latest economic developments and upcoming event risk
Active Trade Setups in Play:
- Near-term Trade Setups in EUR/USD and NZD/USD
- AUD/USD Price Outlook: Aussie Breakout Stalls Ahead of Resistance
- Gold Price Outlook: XAU/USD Carves Range inside Key Resistance
- EUR/USD Price Outlook: Euro Battle Lines Drawn ahead of FOMC
- Weekly Trade Levels for EUR/USD, AUD/USD, Gold, & More (Webinar Archive)
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com
