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Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, SPX, Gold & Silver

Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, SPX, Gold & Silver

2019-08-26 15:00:00
Michael Boutros, Technical Strategist
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Volatility Surges into the Weekly Open - Gold / Silver Breakouts Vulnerable

The start of the week has seen a surge in volatility as headlines regarding the ongoing US / China trade war continue to circulate. Our focus has been & remains on price action- watch the closes early in the week. If these reversals fail to maintain breakout support, things could turn aggressively. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/CAD, Gold (XAU/USD, SPX (S&P 500), Silver (XAG/USD), Oil (WTI) and USD/JPY.

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

Key Trade Levels in Focus

DXY – The Dollar recovery remains vulnerable while below the high-day close at 98.40. Support at 97.21/31 with a break / close below 96.98-97.02 needed to suggest a larger correction is underway. A topside breach would exposes 98.69.

EUR/USD – Near-term resistance at 1.1167/74 with bearish invalidation at 1.1186/89- a breach / close above there is needed to suggest a larger recovery is underway in Euro. Initial support at 1.1106 with key support at 1.1066/75- weakness beyond this threshold would keep the focus on the yearly lows at 1.1027.

USD/CADLoonie remains in consolidation just below key resistance at 1.3338/55. Near-term support at 1.3252 – a break below this threshold would shift the focus towards monthly open support at 1.3191. A topside breach / close is needed to mark resumption targetingthe median-line (~1.34) and1.3435/37.

Gold Prices- Focus is on a key pivot zone in gold we’ve been tracking at 1522/26. A close above would leave the breakout viable targeting 1558 and the upper parallels. Key support / near-term bullish invalidation at 1494/96.

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

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---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.

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