Weekly Trade Levels: US Dollar, EUR/USD, GBP/USD, USD/CAD, Gold & Oil
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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US Dollar Exhaustion Risk – Gold Price Recovery to Fizzle
The US Dollar responded to confluence support on Friday and while the index may see some recovery early in the week, the risk remains lower after breaking uptrend support. Gold remains in focus heading into the start of the week – looking for resistance ahead of 1502 on this rebound. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/CAD, NZD/USD, Gold(XAU/USD), Crude Oil (WTI), SPX (S&P 500) and USD/JPY.
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Key Trade Levels in Focus
US Dollar – DXY rebounded off confluence support at the 100% ext / 38.2% retracement at 98.21/22 on Friday. Initial resistance 98.54 backed by 98.76- both levels of interest for possible exhaustion / short-entries. A break below 98.15 needed to fuel the next leg lower. Review my latest US Dollar Price Outlook for a closer look at the weekly technical trade levels.
EUR/USD - Euro stretched into confluence resistance at 1.1060/62 on Friday- initial support along the median-line backed by 1.0990-1.10 – looking for downside exhaustion ahead of this region IF price is heading higher with a topside breach exposing 1.1082 and 1.1107.Review my latest Euro Price Outlook for a closer look at the weekly technical trade levels.
GBP/USD – Sterling is tested downtrend resistance last week and while the broader focus is higher, near-term, the advance remains vulnerable. 1.25 and 1.2433 both levels of interest for support. Topside resistance objectives are stacked up at 1.2669, 1.2754 and 1.2818/37.Review my latest Sterling Price Outlook for a closer look at the weekly technical trade levels.
USD/CAD – Tracking for resistance at 1.3237 & 1.3279 early in the week in USD/CAD. Key near-term support at 1.3145/55- look for a bigger reaction there IF reached. A downside break exposes 1.3094.Review my latest Canadian Dollar Price Outlook for a closer look at the intraday technical trade levels.
Oil – Looking for support early in the week on this drop near the 53-handle (the August low-day close comes in at 52.29). A breach above Friday’s high would expose subsequent topside resistance objectives at 55.71 and 56.35. Review my latest Crude Oil Price Outlook for a closer look at the weekly technical trade levels.
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
Follow Michael on Twitter @MBForex