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  • U.S. Dollar index slightly higher on the day despite choppy price action $USD $DXY https://t.co/AbIGPs20CA
  • The Australian Dollar has once again responded to weekly technical resistance and leaves the bulls vulnerable while below 7866. Get your $AUD market update from @MBForex here:https://t.co/72ORZ3wZwx https://t.co/ktLFGNPZd0
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.50% Silver: 0.10% Oil - US Crude: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/6m6mlA9J0I
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.05%, while traders in GBP/JPY are at opposite extremes with 69.35%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0md6tHfJ37
  • Banxico: - Inflation shows require orderly adjustment in prices - Mid-Long term CPI expectations above 3% - Expects CPI to converge to target in 2Q 2022
  • Banxico: - Rate decision was unanimous - There are major challenges for monetary policy, citing highly uncertain economic environment - Future decisions depend on factors affecting CPI - Inflation has risen more than expected - Inflation risk tilted to the upside $MXN
  • Mexican #Peso maintaining intraday gains following #Banxico rate decision with $USDMXN hanging at session lows https://t.co/aMd2HlpHwt
  • 🇲🇽 Interest Rate Decision Actual: 4% Expected: 4% Previous: 4% https://www.dailyfx.com/economic-calendar#2021-05-13
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.98% US 500: 0.81% Germany 30: 0.02% France 40: -0.01% FTSE 100: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/THzITT5Kgr
  • Australian #Dollar Forecast: #Aussie Bulls Halted– $AUDUSD Range Break Imminent- https://t.co/JdSYBbD1Ur https://t.co/BeSbuNyork
Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, Oil, Gold & SPX

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

Michael Boutros, Strategist

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Sell-off Risks Approaching Pivotal Support – Gold Price Recovery at Trend Resistance

The US Dollar is more than 0.9% off the highs on the back of a four-day decline with the index now approaching near-term uptrend support. The levels are clear heading into the open with the Majors & gold broadly holding within Friday’s NFP range- the battle lines are drawn. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/JPY, USD/CAD, Gold (XAU/USD), Crude Oil (WTI), SPX (S&P 500), NZD/USD, USD/CHF, and AUD/USD.

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

Key Trade Levels in Focus

US Dollar – DXY turned from BIG uptrend resistance last week with the pullback approaching near-term support early in the week. The focus is on a reaction just lower with the broader risk weighted to the downside while below the monthly open at 99.40. A break exposes subsequent support objectives at 98.15/21.

EUR/USD - While the focus does remain higher in Euro, the advance is approaching a critical resistance range near 1.1022- look for a reaction there with a breach/ close needed to validate a larger breakout in price. Interim support 1.0966 with bullish invalidation at 1.0925.

USD/CAD – Looking for a reaction at 1.3284/88 early in the week – weakness beyond this threshold would expose a larger setback towards 1.3266 and 1.3253. Resistance at the high-day close at 1.3335 backed by 1.3355.

Oil – Crude prices rebounded off major support at 51.03/66 last week with the rebound now targeting near-term downtrend resistance at 53.91/99 – look for a reaction there early in the week. Strength beyond this threshold would expose subsequent resistance objectives at 55.71. Support at 50.08 and 48.14 in the event of a break lower.

Gold- Gold prices remain vulnerable into the start of the week with XAU/USD trading just below near-term downtrend resistance. Initial support at 1494/96 with slope resistance around ~1513 – look for a break of this range for guidance with a move lower targeting 1482/83. Critical resistance steady at 1522/26.

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 Data Releases

Economic Calendar - latest economic development and upcoming 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.

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