Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, Gold, Silver & SPX
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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US Dollar Eyes Resistance - Gold / Silver Prices Threaten Pullback
The US Dollar Index is approaching key resistance targets ahead of this week’s Economic Symposium in Jackson Hole. The focus remains on possible exhaustion heading into uptrend resistance levels just higher. While the levels are clear heading into the weekly open, momentum profiles remain flat and we’re looking for a catalyst to get things going – stay nimble here. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, GBP/USD, Gold (XAG/USD), Silver (XAG/USD), Oil (WTI), USD/JPY, SPX (S&P 500), GBP/JPY, EUR/JPY and EUR/AUD.
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Key Trade Levels in Focus
DXY – The Dollar rally is approaching key resistance targets at 98.27/40 – we’re looking for a reaction there early in the week. Initial support at b with near-term bullish invalidation raised to 97.87.
EUR/USD – Price tested monthly open support late seek at 1.1075. Near-term resistance at 1.1138/43 – a breach there is needed to suggest a more significant low is in place. A downside break in Euro exposes 1.1027.
USD/CAD – The near-term structure is questionable but we’re looking for possible topside exhaustion – levels of interest at the slope confluence near ~1.3320s and the 61.8% retracement at 1.3355. Monthly open support rests at 1.3190.
Gold – XAU/USD reversed off critical resistance last week at 1522/26. Initial support at 1497 backed by 1482. Weekly open resistance at 1512- look for a hold there IF gold prices are going to correct lower. A topside breach exposes 1557.
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 - latest economic developments and upcoming event risk
---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.