Weekly Trade Levels: US Dollar, USD/CAD, GBP/USD, AUD/USD, Gold & SPX
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- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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- Live Weekly Trading Webinars on Mondays on DailyFX at 8:30ET
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.
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 development and upcoming event risk
---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.