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US Dollar Rebound to Offer Opportunity – Gold Prices Straddle 1500
The US Dollar plummeted into support late last week with DXY finding its footing into the open. The rebound remains vulnerable however and we’re looking for topside exhaustion just higher to verify last week’s reversal. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, Gold (XAU/USD), USD/CHF, GBP/USD, AUD/USD, SPX (S&P 500), Crude Oil Prices (WTI) and USD/JPY.
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Key Trade Levels in Focus
US Dollar – DXY held support at support at the 98-handle into the close of the week. Key near-term resistance steady at 98.83/94 – a breach / close above is needed to mark resumption of the broader uptrend. Critical support rests at 97.71 – weakness beyond this threshold would suggest a more significant high was registered into the September open.
USD/CAD – The USD/CAD rebound failed at the 61.8% retracement at 1.3287 last week with broader bearish invalidation just higher at 1.3306 – looking for exhaustion off on of these levels. Initial support at 1.3214 with key support steady at 1.3145/55- expect a bigger reaction there IF reached.
GBP/USD – Sterling ripped into the first major resistance target last week at the 38.2% retracement of the yearly range at 1.2502. Initial support 1.2380 with the near-term focus higher while above 1.2310. A topside breach from here exposes 1.2560 backed by slope resistance, currently ~1.2640s.
AUD/USD – Initial support 6855 backed by 6815/28 – both areas of interest for downside exhaustion / long entries IF Aussie is heading higher. Topside breach exposes 6911 & key resistance at 6924/27.
Gold- Gold prices gaped back above the 1494/97 support zone into the open of Asia trade- the threat remains for a larger correction while below 1522/26 with a break lower exposing 1478 & 1460.
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---Written by Michael Boutros, Currency Strategist with DailyFX
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