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
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bullish
More View more
Real Time News
  • #GBP, #NZD and #NOK are expected to be the most-active #G10 currencies against the #USD with one-week implied volatility at 7.05, 6.38 and 6.32 respectively [delayed] -BBG
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/qkLvokBCkS Topics included: - Impact of #coronavirus outbreak - #Davos economic forum - #Australia jobs data - AUD/USD technical analysis
  • EUR/USD Technical Analysis: Euro Breakdown in the Works? - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/01/21/EURUSD-Technical-Analysis-Euro-Breakdown-in-the-Works.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis https://t.co/jIgzz4QjPq
  • 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/tV6zV644iP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.56%, while traders in Germany 30 are at opposite extremes with 80.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cAKmwAKgMy
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.18% 🇬🇧GBP: 0.07% 🇨🇭CHF: 0.06% 🇳🇿NZD: -0.03% 🇨🇦CAD: -0.07% 🇦🇺AUD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aJPnH14z9P
  • - Norwegian Krone🇳🇴, Swedish Krona🇸🇪 may rise at expense of US Dollar - IMF outlook, #WEF20 could pressure havens, lift market mood📈 - #NOK, #SEK may rise on the ECB, Norges Bank rate announcements📣 https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/21/US-Dollar-May-Fall-vs-NOK-SEK-on-Davos-Forum-Growth-Outlook.html
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.25% France 40: -0.35% Wall Street: -0.43% US 500: -0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5a3G7sf8dZ
  • LIVE NOW: In this session, Currency Analyst @ZabelinDimitri will analyze the cross-asset impact of geopolitical risks affecting markets in the week ahead. https://www.dailyfx.com/webinars/146770987
  • RT @LiveSquawk: BoJ Outlook For Economic Activity And Prices (Jan 2020) – Full Report https://t.co/5Csech2Grl https://t.co/rZesrteM4x
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, Technical 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

News & Analysis at your fingertips.