Weekly Trade Levels: US Dollar, EUR/USD, AUD/USD, Gold & Oil Prices
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- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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US Dollar Battle Lines Drawn - Gold Breakout Eyes Initial Topside Targets
US Dollar opens the week at support – Euro & Gold at resistance and the stage is set heading into start of US trade on Monday. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, Gold, Oil (WTI), USD/CAD, USD/JPY, EUR/NZD and GBP/JPY.
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Key Trade Levels in Focus
DXY – A break below daily confluence support at the 97-handle is needed to fuel the next leg lower targeting the 61.8% retracement at 96.52. Resistance at 97.87 with near-term bearish invalidation now lowered to 98.12.
EUR/USD – Euro testing downtrend resistance- A topside breach above 1.1265 is needed to validate a breakout. Support at 1.1160 with a break / close below 1.1106 suggesting resumption of the broader downtrend.
AUD/USD – Aussie’s reversal off confluence support last week remains in focus with our immediate attention on a break of the 6733-6855 rage for guidance.
Gold – Gold prices are testing near-term uptrend resistance at 1509 with more significant lateral resistance eyed at 1522/26- looking for a more significant reaction there IF reached. Initial support at 1482 with bullish invalidation now raised to 1451.
Oil – Crude Oil prices responded to major support last week with the recovery now challenging near-term down-trend resistance- breach above 56 needed to validate a larger move. Key support steady at 51.67.
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Key Event Risk This Week
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---Written by Michael Boutros, Currency Strategist with DailyFX
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.