Weekly Trade Levels: US Dollar, EUR/USD, AUD/USD, USD/CAD, Gold & Oil
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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US Dollar Recovery to be Short Lived – Gold Prices Threaten Resumption Lower
It’s a BIG week of event risk heading into the close of October trade with the Bank of Japan (BOJ), Bank of Canada (BoC) and the FOMC interest rate decisions on tap. November trade opens with the release of US Non-Farm Payrolls and the stage is set for the US Dollar this week. Gold prices attempted to breach the monthly highs last week and the failure has us looking lower. In this webinar we review updated technical setups on DXY, TNX, EUR/USD, GBP/USD, AUD/USD, USD/CAD, Gold(XAU/USD), SPX (S&P 500), USD/CHF, Crude Oil (WTI) and NZD/USD.
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Key Trade Levels in Focus
US Dollar – Initial resistance at 97.87 with near-term bearish invalidation now at 98.84. Initial support at 97.21/30 with critical support at 96.80/96.Review my latest US Dollar Price Outlook for a closer look at the weekly technical trade levels.
EUR/USD - Risk of a washout lower but we’re looking for exhaustion- 1.1065 and 1.1030 areas of interest for support. Bullish invalidation at 109.76/94. Initial resistance at 1.1107 with a breach above slope resistance near 1.1150 needed to mark resumption. Review my latest Euro Price Outlook for a closer look at the weekly technical trade levels.
AUD/USD – Aussie is approaching near-term uptrend support at 6801/09. Initial resistance at 6833 backed by 6854- breach there is needed to mark resumption. A downside break threatens a larger correction with such a scenario 6777.Review my latest Australian Dollar Price Outlook for a closer look at the intraday Aussie technical trade levels.
USD/CAD – Price opens the week just above key support – look for a reaction at 1.3050/58 with a break below near-term slope support exposing 1.2971. Initial resistance 1.3134 with bearish invalidation now at 1.32. Review my latest Canadian Dollar Price Outlook for a closer look at the intraday technical trade levels.
Gold– Gold prices tested and failed at the monthly opening-range highs last week – the risk is lower into the open of the week – look for a reaction at 1490 IF reached. A break / close below this threshold is needed to shift the focus lower again targeting the monthly open at 1471/72. Key resistance steady at 1520/22. Review my latest Gold Price Outlook for a closer look intraday 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.