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
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
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
Mixed
More View more
Real Time News
  • With increasing volatility in weather patterns, how might storms, hurricanes, and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Get your market update from @ZabelinDimitri here:https://t.co/O4dgBl47fq https://t.co/eMb7iCfdqS
  • Join analyst @DavidJSong at 5:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/1rVzPr6gx4
  • See the DailyFX Fundamental and Technical forecasts for the week ahead on the major currencies, indices and commodities here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2019/12/15/Dow-Pound-and-Aussie-Dollar-Test-Post-Trade-War-Election-Breakouts.html
  • The US-China agreement brings this scene from camp cinema history to mind: https://t.co/WsfoGMZbw1 via @GIPHY https://t.co/h045efj8Em
  • What is the ascending triangle and how can you trade it? Find out here: https://t.co/SyL29jQflv https://t.co/F8415DaNGE
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/z7ogzy00dy
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/g7iT8bpi7f
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/d3OFc4yGao #tradingstyle https://t.co/wQ1MAkOb0n
  • The UK population voted the Conservative government back in with a strong majority, giving PM Johnson the backing to push Brexit through. And Sterling (GBP) likes it. Get you $GBPUSD market update from @nickcawley1 here: https://t.co/tjCHWDxoWm https://t.co/Z7Vaadxy5r
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your $gld markets news from @IlyaSpivak here:https://t.co/4lHhHsby56 https://t.co/zF4EyLIRWM
Weekly Trade Levels: US Dollar, EUR/USD, AUD/USD, USD/CAD, Gold & Oil

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

2019-10-28 16:30:00
Michael Boutros, Technical Strategist
Share:

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

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.

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

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.

GoldGold 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 - Key Data Releases This Week - FOMC - NFP

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.