We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Weekly Trade Levels for US Dollar, Euro, Kiwi, Aussie, Gold & Oil

Weekly Trade Levels for US Dollar, Euro, Kiwi, Aussie, Gold & Oil

2019-06-24 15:00:00
Michael Boutros, Technical Strategist
Share:

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

US Dollar Breakdown Testing Yearly Open Support

Last week we warned that, “The levels are clear and while the US Dollar Index (DXY) could make another run at the highs, we’re generally looking for topside exhaustion IF price is indeed heading lower.”The Dollar is testing yearly open support into the start of the week after a massive outside-weekly reversal broke below the June opening-range lows. Looking for some back & fill to offer re-entry on numerous USD crosses. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CHF, NZD/USD, AUD/USD, USD/CAD, USD/JPY, GBP/USD, EUR/NZD, Gold, Crude Oil (WTI) and SPX (S&P 500).

Key Trade Levels in Focus

DXY – Focus is on a close below yearly open support at 96.14. Interim resistance 96.56 with bearish invalidation at 96.75. Downside support objectives at 95.74 and 95.55.

EUR/USD – The Euro breakout is testing near-term confluence resistance around the 1.14-handle. Interim support at 1.1350 with bullish invalidation raised to 1.1317. A topside breach keeps the focus on yearly open resistance at 1.1445- look for a bigger reaction there IF reached.

NZD/USDKiwi is probing Fibonacci resistance early in the week at 6608 – Failure here (daily close) could see some corrective action but IF price is heading higher, losses should be limited to Friday’s low. Initial support 6580- a topside breach targets 6640/57.

AUD/USD – Trade remains constructive while above the 69-handle for now. Topside resistance objectives at 6981 and 7005/18 (critical).

Gold – The gold price has extended to near-six year highs and while the focus remains weighted to the topside, be careful chasing here. Initial support 1380 with bullish invalidation raised to 1350. Subsequent topside resistance objectives at 1433 and the 100% extension at 1451.

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

Learn how to Trade with Confidence in our Free Trading Guide

---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.

DISCLOSURES

News & Analysis at your fingertips.