Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, Oil, Gold & SPX
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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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.
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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 - 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.