News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • #2020election polls continue to show Democratic nominee Joe Biden maintaining a strong lead #Trump Supreme Court nomination may throw a wrench into bipartisan stimulus talks #AUDUSD is trading at former resistance-turned-support. What happens if it breaks? https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/27/AUDUSD-Analysis-Ahead-of-Presidential-Debate-Supreme-Court-Nominee-Battle-.html
  • USD/MXN pushes higher as a long-awaited correction in the US Dollar gets underway. Get your #currencies update from @HathornSabin here: https://t.co/QMpun4KOgO https://t.co/KAYojshy0P
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/KXMefr6a3r
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/5FwNLSVYje
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EDT on DailyFX! https://t.co/lxd5fZnn4H
  • EUR/USD fell sharply last week and there are few signs yet that the selling is over. However, a bounce is likely before the decline resumes. Get your #currencies update from @MartinSEssex here: https://t.co/BxglKuKVhj https://t.co/8nJQXhUTHI
  • The week ahead has many systemic issues that take control of the markets, but scheduled data is heavily skewed to the Dollar. Here is my video for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2020/09/26/SP-500-Break-Risk-and-Dollar-Charge-Sees-Accelerants-Next-Week.html?ref-author=Kicklighter&QPID=917719&CHID=9?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/PL3KZhn1HV
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @PaulRobinsonFX here: https://t.co/WjU4oYpmf7 https://t.co/QJp3jpS3Ui
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/ukvZfr6BXf
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows https://t.co/bBYcLrtXhj
Weekly Trade Levels: US Dollar, EUR/USD, NZD/USD, USD/CAD, Gold & Oil

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

2019-07-22 15:30:00
Michael Boutros, Strategist
Share:

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

US Dollar Recovery Could be Short-lived – Gold Rally Vulnerable Near-term

The US Dollar Index has continued to contract within the initial monthly range and despite Friday’s rally, the greenback remains within the confines of the broader range we’ve been tracking. The Euro, Sterling, Loonie and Aussie are all at / approaching critical pivot / inflection zone and we’re looking for a reaction in price this week. Meanwhile, the Gold price breakout looks a bit vulnerable after responding to a major resistance target last week – while the broader outlook remains higher, we’re expecting some kickback here. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/CAD, AUD/USD, NZD/USD, GBP/NZD, Gold, Silver, Crude Oil (WTI), BTC (Bitcoin), TNX (10yr Treasury Yield), USD/JPY and SPX (S&P 500).

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

Key Trade Levels in Focus

DXY – Focus is on a break of the monthly opening-range. Key resistance / near-term bearish invalidation at 97.50. Critical support steady at 96.51/58 – a break there would exposes 96.61 and yearly open support at 96.14.

EUR/USD – Critical support at 1.1182/87 – looking for an exhaustion into this zone IF price is heading higher. Resistance at Friday’s high backed by 1.1303 & 1.1329. A break lower exposes the low-close at 1.1129 backed by the yearly low at 1.1108.

NZD/USD – The Kiwi breakout looks precarious here near-term after taking out targets into 6766 – Risk for some pullback early in the week but the trade remains constructive while above 6705. Subsequent topside resistance objectives at 6805 and 6843.

USD/CAD – We’ve been looking for some recovery off a critical weekly support zone at 1.2972-1.3052 with the July opening-range still intact. A breach / close above 1.3145 would be needed to alleviate further downside pressure (near-term bearish invalidation).

GoldGold prices are at risk for some kickback here after taking out topside targets into 1451 last week. Monthly open support rests at 1409 with near-term bullish invalidation at 1400. A topside breach keeps the focus on subsequent resistance objectives at 1467 and 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

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