Never miss a story from Michael Boutros

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Michael Boutros

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

US Dollar (DXY) Testing Multi-Year Resistance Slope- Gold Breakout in Focus

Its been a volatile monthly open with last week’s massive range in the DXY paring back a large portion of the July gains. Gold has broken to six-year highs as risk markets trade heavy into the start of August trade- a close look at the levels across the commodity bloc shows some stretched markets across the board. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CHF, USD/CAD, GBP/USD, USD/JPY, AUD/USD, NZD/USD, NZD/JPY, Gold, Crude, Silver and SPX.

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

Key Trade Levels in Focus

DXY – Risk is lower while below the monthly open / slope resistance near ~98.60- initial resistance at the weekly open at 98.12. Slope support rests near ~97.30- a break lower targets the 61.8% retracement at 96.52.

EUR/USDEuro turned from slope support last week with the reversal targeting topside targets near the upper parallel (currently ~1.1240s). Ultimately a breach above 1.1265 would be needed to suggest a more significant low was registered last week. Initial support 1.1106/12 with bullish invalidation set to the monthly open at 1.1075.

USD/JPY – Price posted an outside weekly reversal off resistance last week with the decline now targeting confluence near-term support at the lower parallel around 105.55. Look for a reaction there- resistance at 106.78 backed by 107.21 with bearish invalidation at 107.60. A break lower expose 104.65.

Gold – A breach above the 100% extension at the 1451 target keeps the focus higher while above with the next major resistance targets at 1482. Near-term bullish invalidation now raised to 1433.

Silver – Focus in XAG/USD remains on the key resistance confluence at 16.61/66- immediate long-bias at risk while below. Initial support around ~16.10 with near-term bullish invalidation now raised to the 2017 open at 15.89. A topside breach would keep the focus on 17 & 17.31/52.

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

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