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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bearish
More View more
Real Time News
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
  • After negotiating a series of economic and geopolitical risks in 2019, the S&P 500 rounded out the year more than 30% higher. Will the stock market crash in 2020? Find out from @PeterHanksFX here: https://t.co/8KsjB9YkBB https://t.co/4ph9bdMxz9
  • Italy reports first death from coronavirus - BBG
Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, NZD/USD, Gold & Oil

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

2019-10-21 15:30:00
Michael Boutros, Technical Strategist
Share:

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

US Dollar Approaching August Lows – Gold Price Compression to Give Way

The US Dollar opens the week just above multi-month lows after plummeting more than 1.2% last week. While the broader risk remains lower, the immediate threat is for some exhaustion here and we’re on the lookout for a re-set on numerous majors this week. Gold remains in consolidation with an imminent breakout to offer guidance. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/CAD, NZD/USD, AUD/USD, Gold(XAU/USD), Crude Oil (WTI), SPX (S&P 500) and USD/CHF.

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

Key Trade Levels in Focus

US Dollar – Initial resistance at 97.60 with near-term bearish invalidation now lowered to 97.87. Look for a reaction here around the 97.21/30 zone – a break lower would keep the focus on the 61.8% retracement at 96.69. Review my latest US Dollar Price Outlook for a closer look at the weekly technical trade levels.

EUR/USD - The immediate advance in Euro may be vulnerable heading into critical resistance at 1.1187-1.1208. Looking for support ahead of 1.1107 on pullbacks with bullish invalidation now raised to 1.1060. A topside breach keeps the focus on 1.1250. Review my latest Euro Price Outlook for a closer look at the weekly technical trade levels.

USD/CAD – Tracking support in USD/CAD at 1.3094-1.3106 early in the week. Initial resistance and near-term bearish invalidation at 1.3156- look for a reaction there IF reached. A break lower keeps the focus on 1.3050. Review my latest Canadian Dollar Price Outlook for a closer look at the intraday technical trade levels.

GoldGold prices remains within the confines of a well-defined monthly opening-range with price continuing to contract into a near-term consolidation pattern. Risk remains lower sub-1504 with a break below monthly trendline support exposing 1472. Review my latest Gold Price Outlook for a closer look at the weekly technical trade levels.

Oil- Crude oil prices are in consolidation just above a critical support zone we’ve ben tracking for months now around the 51-handle. Looking to fade strength for a break of his support zone. Resistance at 56.07 with bearish invalidation at 58.61. Review my latest Oil Price Outlook for a closer look at the weekly 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

News & Analysis at your fingertips.