- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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US Dollar Slides Off Multi-Month Lows – Gold Prices Consolidation Breakout Imminent
Last week’s FOMC / NFPs releases generated a good amount of volatility with the US Dollar testing trend extremes across numerous USD Majors heading into the close of the month. The turn of the clocks offers some perspective here as we assess the levels we’re tracking early in the month / week. In this webinar we review updated technical setups on DXY, TNX, EUR/USD, USD/CHF, GBP/USD, AUD/USD, USD/CAD, NZD/USD, Gold(XAU/USD), SPX (S&P 500), Crude Oil (WTI). AUD/JPY and EUR/JPY.
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Key Trade Levels in Focus
US Dollar – Resistance & near-term bearish invalidation at 97.71/87. Support at 97.03 with a break below key support at 96.80 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 - Topside resistance levels are stacked into 1.1208 in EUR/USD – risk for some exhaustion into this zone early in the month. Support at 1.1106- look for a reaction there If reached. Review my latest Euro Price Outlook for a closer look at the weekly technical trade levels.
AUD/USD – Aussie opens the week just below resistance at 6924/27- immediate long-bias is at vulnerable below his threshold. Interim support at 6880- weakness below this threshold could open a larger correction early in the month. Topside breach targets unchanged. 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 below near-term slope resistance – breach / close above 1.3231 needed to validate larger breakout in price targeting 1.3335. Interim support for USD/CAD at the October low-day close at 1.3086 with critical support steady at 1.3050. Review my latest Canadian Dollar Price Outlook for a closer look at the intraday technical trade levels.
Gold– Gold prices have continued to respect the October opening-range and the focus remains on a breakout of the near-term price consolidation for guidance. Key resistance 1519/22 with initial support at 1495 and 1482- look for a bigger reaction there IF reached. Review my latest Gold Price Outlook for a closer look intraday technical trade levels.
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Key Event Risk This Week
Economic Calendar - latest economic development and upcoming event risk
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---Written by Michael Boutros, Currency Strategist with DailyFX
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