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

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

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US Dollar Recovery at Critical Resistance Barrier – Gold Prices Face Moment of Truth

The US Dollar and Gold are approaching key inflections zones on this rally and the battle lines are drawn into the start of the week. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, Gold (XAU/USD), AUD/USD, USD/JPY, SPX (S&P 500), GBP/USD, USD/CHF, NZD/USD.

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

Key Trade Levels in Focus

US Dollar – DXY testing big resistance early in the week at 98.83/94- looking for a reaction up here at downtrend resistance with the near-term recovery at risk while below. Weekly open support at 98.50 with a break below 98.19 needed to fuel a leg lower in the Dollar. A topside breach exposes the 2017 uncovered close at 99.98.

EUR/USD – Looking for support / a low ahead of 1.0956 IF Euro is heading higher. Weekly open resistance at 1.1016 with a breach above 1.1073 needed to shift the broader focus higher. A downside break exposes the yearly lows at 1.0926.

USD/CAD – The USD/CAD price rally remains vulnerable sub 1.3307. Weekly open support at 1.3258 with a break there exposing 1.3222 and the 1.32-handle- both areas of interest for possible exhaustion IF reached. A topside breach targets the 61.8% retracement at 1.3355.

GBP/USD – Sterling posted a reversal candle off downtrend resistance last week and we’re looking for exhaustion on a deeper pullback. Initial support at 1.2380 – look for a reaction there IF reached. Resistance at the 1.25-handle with a breach above 1.2560 needed to fuel the next leg higher.

GoldGold prices are testing a critical resistance pivot at 1522/26 – a topside breach / close is needed to keep the immediate long-bias viable targeting 1558. Failure here would shift the focus back towards 1511 and 1494/97 – look for a bigger reaction there IF reached.

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 - Key Event Risk

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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.