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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.

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

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.

GoldGold 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.

OilCrude 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.

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

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---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex