Weekly Trade Levels for EUR/USD, AUD/USD, NZD/USD, 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
EUR/USD Targets Key Support Confluence at Monthly Open
Euro turned lower last week and we’re looking for possible price exhaustion on a move towards a key support zone at 1.1312/20- this region is defined by 100% extension of the recent decline, the 61.8% retracement of the monthly advance and the November open. Initial resistance stands at 1.1383 with a breach above 1.1413/17 needed to validate a near-term reversal. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, NZD/USD, USD/CAD, Gold, Crude Oil (WTI), USD/JPY, NZD/JPY and AUD/JPY.
Why does the average trader lose? Avoid these Mistakes in your trading
Key Levels in Focus
DXY – Looking for possible failure / exhaustion into resistance targets at 97.06/17. Near-term support / bullish invalidation at 96.43/45.
AUD/USD – Risk is lower while below 7286 but looking for exhaustion lower near support targets at 7200 and 7145.
Gold – Price is struggling at October trendline resistance- Constructive while abovemonthly open support- key resistance steady at 1236/38.
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:
- AUD/USD Outlook: Aussie Searches for Support after Failed Breakout
- Gold Price Outlook: Recovery Finds Resistance at October Trendline
- EUR/USD Price Outlook: Euro Threatens Breakout– Levels to Know
- AUD/JPY Price Outlook: Reversal Run Plummets into Key Support Zone
- NZD/USD Price Outlook: Kiwi Rally Approaching Breakout Targets
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.