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  • The price of oil defends the advance from the monthly low ($65.01) amid a larger-than-expected decline in US inventories. Get your #crudeoil market update from @DavidJSong here:https://t.co/Bwfi4Zybkv https://t.co/BPWtwLnBMU
  • RT @burgessev: Barring something really surprising, Senate will move forward on bipartisan infrastructure deal shortly. Capito says: "I pla…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9L05PhfdwA
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD https://t.co/bPAGpMkhjN
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/RZxPm1XLto https://t.co/SIEjfEffBW
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HByKIG4bmC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tC95moURI1
  • $USD now at two week lows, cutting into secondary support zone 92.19-92.26 $DXY https://t.co/n14cvwLofZ https://t.co/HaPRsGzyxJ
  • Infrastructure week, for real this time https://t.co/jh4BLwj0aC
  • Facebook Earnings Summary: Revenues: $29.08 B vs $27.89 B est. EPS: $3.61 vs. $3.03 est. $FB down ~5% in AH session
Weekly Trade Levels: EUR/USD, AUD/USD, NZD/USD, USD/CAD, Gold & Oil

Weekly Trade Levels: EUR/USD, AUD/USD, NZD/USD, USD/CAD, Gold & Oil

Michael Boutros, Strategist

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US Dollar Starts the Week at Support – Gold Price Consolidation in Focus

The levels are clear heading into the start of the week across the US Dollar Majors and after last week’s sell-off in DXY, the index opens the week just above near-term support. Gold prices are on the defensive but remain within the confines of a well-defined consolidation pattern within the monthly opening-range. We’re also on the lookout for near-term exhaustion in crude as oil prices continue to probe a key resistance range at 60.06/45. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, NZD/USD, USD/CAD, Gold, Crude Oil (WTI), SPX (S&P 500), USD/CHF and GBP/JPY.

Key Trade Levels in Focus

DXY – Focus is on near-term support around ~96.72. Initial resistance 97.10 with bearish invalidation at 97.37/45. Downside support objectives at 96.51 & 96.31. Key yearly open support at 96.14 (critical).

EUR/USD – Initial support at 1.1241 - constructive while above 1223/30. Subsequent topside resistance objectives at 1.1296-1.1303 & 1.1328/31.

AUD/USDAussie testing key resistance at the yearly open / 61.8% Fibonacci extension at 7042/44. Initial support at 7005 backed by 6965bullish invalidation now raised to 6914. A topside breach targets the 7075 backed by the April open at 7121.

NZD/USD – Risk for topside exhaustion here as we test the monthly opening-range highs. Initial yearly open support at 6705 backed by the weekly open at 6687- a break there would risk a larger correction towards slope support. Topside resistance with the upper parallel (currently ~6750s) backed by 6766 – looking for a bigger reaction there IF reached.

GoldGold prices are in consolidation just below the late 2013-swing highs at 1433. XAU/USD has carved a well-defined monthly opening-range - look for the break. Downside support 1373 backed by 1366. A topside breach would keep the focus on subsequent resistance objectives at 1451 & 1482.

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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