Weekly Trade Levels for EUR/USD, AUD/USD, Crude Oil, Gold & More
- 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
US Dollar Sell-off Intensifies – Initial Targets in View
The US Dollar Index (DXY) reversed from trendline resistance last week with the decline now approaching initial support targets early in the week. Price action across the USD Majors show similar setups into the open and we’ll continue to favor fading strength in the greenback while below the monthly open. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, NZD/USD, Crude Oil (WTI), Gold, GBP/USD, USD/CAD, SPX, NZD/JPY, EUR/NZD and AUDNZD.
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Key Levels in Focus
DXY – Reversal from slope resistance now approaching initial support. Risk is lower sub-97 with a break below 96.15/22 needed to fuel the next leg lower.
EUR/USD – Immediate focus is on a reaction at key near-term resistance at 1.1432/45. Price remains constructive while above 1.1312/19.
AUD/USD – Focus remains weighed to the topside while above 7220. Key resistance still 7327/36
Gold – Price is testing near-term resistance at 1225- a breach above 1229 needed to mark resumption. Near-term bullish invalidation raised to 1210.
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 12/14 at 10:30am ET
Key Event Risk This Week
Economic Calendar - latest economic developments and upcoming event risk
Active Trade Setups:
- Gold Price Outlook: Recovery Testing Resistance at Prior Support
- NZD/USD Price Outlook: Kiwi Rally Approaching Breakout Targets
- AUD/USD Price Outlook: Aussie Breakout Stalls Ahead of Resistance
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.