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

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

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

Key USD Setups in Play Heading into the Start of 2Q

It’s the start of a new week, month and quarter with the US Dollar majors trading within well-defined technical setups as we head into the open. Keep in mind we have the Reserve Bank of Australia (RBA) interest rate decision on tap tonight with US Non-Farm Payrolls (NFP) and Canada employment data slated for Friday. The In this webinar we review updated technical setups on DXY, EUR/USD, NZD/USD, USD/CAD, GBP/USD, Crude Oil (WTI), Gold, AUD/USD, EUR/NZD and EUR/AUD.

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

Key Technical Levels in Focus

EUR/USD – Focus is on a reaction of confluence support around the 2018 low at 1.1215 – a break / close below exposes key Fibonacci support at 1.1186. Initial resistance at 1.13 with near-term bearish invalidation at 1.1330.

NZD/USDKiwi rebounded off slope support last week with price still trading within the 2019 consolidation range. Key support at last week’s low – resistance at 6837 backed by 6870/76. A break / close lower would exposes the 200DMA at 6735 and 6722.

USD/CAD – Key near-term confluence support at 1.3327– Initial resistance at 1.3407 with 1.3435/37 still critical. A break lower shifts the focus towards subsequent support objectives at 1.3280 & 1.3250.

Gold – Near-term risk remains lower after last week’s outside reversal just pips away from the high-week close at 1327. Looking for a low in gold prices closer to 1275 or 1253/58.

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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Active Trade Setups:

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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.