Weekly Trade Levels: US Dollar, EUR/USD, USD/CAD, NZD/USD, Gold & Oil
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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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.
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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.
Gold– Gold 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 - latest economic development and upcoming event risk
---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.