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  • USD strength present throughout the NY session, but the US Dollar Index continues to find stiff resistance at the 94 level $USD $DXY https://t.co/nZFjtFbG4O
  • Euro is down more than 0.2% against the US Dollar since the start of the week with EUR/USD trading just above support heading into the European Central Bank interest rate decision tomorrow. Get your $EURUSD market update from @MBForex here:https://t.co/a9tikztYFj https://t.co/uztfGSoYvW
  • Nasdaq 100 is not sure whether it wants to close at a record high, but the NDX-SPX ratio has jumped sharply today on the tech index's 0.9% rally https://t.co/fUMvv9mtZ8
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Silver: 0.05% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1qRqMHuB6V
  • The recent AUD/JPY rally appears to be stalling below 86.000, with the pair relatively flat on the session $AUDJPY https://t.co/xfNKmmhJdq
  • #Euro Technical Forecast: $EURUSD Pressured into #ECB- Breakout Levels - https://t.co/RG2nfQrqsF https://t.co/ceYY2Dk1Eo
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in USD/JPY are at opposite extremes with 73.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/j6NdfK7lpf
  • A day full of meetings and I've always had one eye fixed on this $GOOG rally. Last nights afterhours reticence didn't do this stock (and MSFT) justice. Impressive https://t.co/tEwaqSt5lm
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.29% US 500: 0.22% France 40: 0.19% Germany 30: 0.13% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aH5WxfeKWP
  • RT @DeItaone: *Natural Gas Jumps 4.3% to Session-High $6.134 Ahead of Contract Expiration
Weekly Trade Levels for Euro, Kiwi, Loonie, Aussie, Gold & Crude Oil

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

Michael Boutros, Strategist

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

USD Ranges Narrow as Majors Consolidate into Critical Levels

The majors have continued to narrow into broader consolidation / congestions patterns with numerous setups starting the week at-or-near range extremes yet again. The economic docket is light this week and the focus is on a reaction in price at these critical levels for guidance. In this webinar we review updated technical setups on DXY, EUR/USD, NZD/USD, AUD/USD, AUD/NZD, Gold, Crude Oil (WTI), USD/CAD, USD/CHF and EUR/CHF.

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

Key Trade Levels in Focus

DXY – Focus is on key resistance at the 2018 high-week close at 97.42 and the 61.8% retracement at 97.87– both levels of interest for possible exhaustion. Initial Support at 96.84 backed by key support 95.66/94 and bullish invalidation at 95.03.

EUR/USD – Focus is on a break of a critical range between 1.1186 – 1.1347. Topside breach above needed to validate the breakout – Support break below 1.1130s to mark resumption lower.

NZD/USD – Break of monthly opening-range leaves risk lower sub-6730. Upcoming support targets at the lower parallel around ~6650s backed by the 61.8% retracement at 6633.

USD/CAD – Focus is on a break of a well-defined range between 1.3284-1.3403. Ultimately a breach above 1.3447 is needed to validate resumption higher. A break sub-1.3234/48 (bullish invalidation) is needed to validate a breakdown.

Gold – Price it is testing the yearly range lows– Near-term risk is lower sub-1291 with support eyed at 1275/76 backed by 1253/58- look for a bigger reaction there If reached. A topside breach looks to challenge 1302 (bearish invalidation).

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.

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