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  • The British Pound has bounced off its low against USD while it’s trapped in wide ranges against the EUR and CHF. How long will GBP be tied to its Continental Europe constituents? Find out here:https://t.co/xs3EMWWIom https://t.co/aHXoGbOBKq
  • (Weekly Fundy) Australian Dollar Outlook: AUD/USD Back on the Offensive as Covid Restrictions Ease #AUD $AUDUSD #Covid https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/10/16/Australian-Dollar-Outlook-AUDUSD-Back-on-the-Offensive-as-Covid-Restrictions-Ease.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/sGSPXKQyne
  • The Australian Dollar is seemingly back on the offensive as lockdowns ease in Sydney and Melbourne. Improving sentiment may allow AUD/USD to capitalize on rising equities and commodity prices. Get your weekly $AUD forecast from @ddubrovskyFX here: https://t.co/JDhqHY9OW1 https://t.co/JyLUT4cNnF
  • The Dow Jones and S&P 500 appear to be vulnerable as retail traders continue to buy into their pullbacks. This is shown via IGCS, which is typically a contrarian indicator. Get your market update from @ddubrovskyFX here:https://t.co/DsbgWvDNP6 https://t.co/xZpbBYE7Dc
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/CxTBAFGAPD
  • GBP/USD extends the advance following the US Consumer Price Index (CPI) to trade to a fresh monthly high (1.3773). Get your $GBPUSD market update from @DavidJSong here:https://t.co/DwKsABI9fZ https://t.co/6wni0J5ZM5
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  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.55% 🇳🇿NZD: 0.52% 🇨🇦CAD: 0.06% 🇨🇭CHF: 0.03% 🇪🇺EUR: 0.02% 🇯🇵JPY: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZWwEzFX2bY
  • The S&P 500 closed out the week in style, making a clear break above trendline resistance. Eyes now shift to the bulk of earnings season $SPX $SPY $ES_F https://t.co/4igMPafh0q
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Silver: -0.83% Gold: -1.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iKG3lJuWba
Weekly Trade Levels for Euro, Loonie, Aussie, Gold, Crude Oil & More

Weekly Trade Levels for Euro, Loonie, Aussie, Gold, Crude Oil & More

Michael Boutros, Strategist

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

Euro, DXY, Aussie & Kiwi Testing Range Extremes

The majors have continued to hold broader consolidation / congestions patterns with numerous setups starting the week at-or-near range extremes. While the broader trends remain elusive, the levels are clear and heading into the start of the week the focus is on a reaction off these key thresholds. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, USD/CAD, EUR/NZD, NZD/USD, Gold, Crude Oil (WTI), GBP/USD, AUD/JPY and SPX.

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

Key Levels in Focus

DXY – Focus is on support at 96.84 backed by 96.63 (near-term bullish invalidation) Key resistance steady at the 2018 high-week close at 97.42 and the key 61.8% retracement at 97.87

EUR/USD – Initial resistance at 1.1321 backed by 1.1347- look for a bigger reaction there IF reached. Initial support at 1.1285 with near-term bullish invalidation at 1.1250.

USD/CAD – Focus is on a reaction at key support early in the week at 1.3298-1.3307. Initial resistance at 1.3384/87 with 1.3435/37 still critical. A downside break exposes 1.3234/48(broader bullish invalidation).

Gold – Price it is testing January trendline support (consolidation) – Near-term risk is lower sub-1291 with support eyed at 1280 backed by 1275/76- look for a bigger reaction there If reached. A topside breach looks to challenge 1300.

Crude Oil – Focus is on key critical confluence resistance at 63.68-64.40 weekly close above is needed to keep the long-bias viable targeting 65 and beyond. Interim support at the 200DMA ~61.09backed by bullish invalidation at 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- Key Data Releases

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups:

Learn how to Trade with Confidence in our Free Trading Guide

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

Follow Michael on Twitter @MBForex

https://www.dailyfx.com/free_guide-tg.html?ref-author=Boutros

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

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