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USD Majors, Gold & Crude in Focus into February Trade
Last week’s FOMC & NFP releases saw a barrage of reports discussing the impact on future monetary policy and the broader markets – for us, the technical picture has been clear with the response in price action offering clean setups across the spectrum heading into the new month. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/CAD, Gold, AUD/USD, EUR/JPY, Crude Oil (WTI) and SPX.
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Key Levels in Focus
DXY – Risk is lower while below monthly open resistance / 61.8% retracement / 100-day moving average at 96.10/15– Initial support 95.66 backed by the 200-day moving average / 61.8% retracement at 95.30/32.
EUR/USD – Looking lower into the open but trade remains constructive while above 1.1350. Key Euro resistance targets at 1.15 and 1.1542.
Gold – Rally at risk near-term sub-1321. Interim support 1302 backed by 1290. Bullish invalidation at 1280. Topside breach targets 1341 & the 2018 HDC at 1348.
Crude Oil – Rally at risk near-term sub-55.53. Interim support at the 53-handle backed by the 38.2% retracement of the advance at 50.61. A topside breach targets subsequent resistance objectives at 59.60-60.06.
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 - latest economic developments and upcoming event risk
Active Trade Setups:
- EUR/USD Price Outlook: Euro Fails at 1.15 - Levels to Know for NFP
- Canadian Dollar Price Outlook: USD/CAD to Threaten January Lows
- Gold Price Technical Outlook: XAU Breakout Targets Initial Resistance
- Crude Oil Technical Price Outlook: WTI Pullback Testing Pivot Support
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---Written by Michael Boutros, Currency Strategist with DailyFX
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