News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/FOMcsxci50
  • Further your trading knowledge and gain informed market analyses from our expert analyst @DavidJSong on Oil with our free Q4 guide, available for free today.https://t.co/Y6XECmr5fQ https://t.co/XQI3PN4bkQ
  • Nasdaq 100 may hit new high soon. https://t.co/ACtVqiOBl0
  • HSTECH index has likely formed an "Inverse Head & Shoulders" pattern. https://t.co/YFIQEYmuyq
  • The HSI has likely formed a “Double Bottom” chart pattern, which is usually viewed as bullish-biased. https://t.co/wMQ14A867Q
  • When markets are falling, how can you short sell? Learn more here:https://t.co/K4EFd6A6xd https://t.co/ynjtSQqHVy
  • Futures have their own set of characteristics and appeal to different types of traders and investors for a variety of reasons. Get your free trading guide and learn to trade the markets with futures here. Download your guide today!https://t.co/72oKM0kLHL https://t.co/dLBhWmxuub
  • Relative stability in EUR/USD has masked weakness in the Euro against most other major currencies, and that weakness can be expected to persist in the week ahead and likely for longer. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/g6aCr7Uxg2 https://t.co/KZHBa4GXCN
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/Z8oipLero0
  • Gold prices moved higher last week, but an upbeat US retail sales report underpinned Treasury yields on Friday, which weighed on bullion. Chinese Q3 GDP is in focus for XAU traders. Get your weekly gold forecast from @FxWestwater here: https://t.co/L9JstXgjx0 https://t.co/rCikjEv1Fm
Weekly Trade Levels: US Dollar, EUR/USD, GBP/USD, USD/CAD, Gold & Oil

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

Michael Boutros, Strategist

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

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.

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

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 - Key Data Releases

Economic Calendar - latest economic development and upcoming event risk

Learn how to Trade with Confidence in our Free Trading Guide

---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.

DISCLOSURES