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Weekly Trade Levels for EUR/USD, USD/CAD, Gold, Crude Oil & More

Weekly Trade Levels for EUR/USD, USD/CAD, Gold, Crude Oil & More

Michael Boutros, Strategist

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

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.

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

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

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---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

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