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Technical Trade Levels: US Dollar, EUR/USD, GBP/USD, USD/CAD & Gold

Technical Trade Levels: US Dollar, EUR/USD, GBP/USD, USD/CAD & Gold

Michael Boutros,
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US Dollar Opens the Week at Resistance – Gold Prices Plummet into Critical Technical Support

Last week’s stretch in the US Dollar takes DXY into confluence resistance to start the week and we’re assessing the pullback for guidance- keep an eye on the 98-handle for support early in the session. Meanwhile, gold prices have plunged into a major long-term support target we’ve been tracking for months now- its make-or-break for XAU/USD this week. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, Gold(XAU/USD), AUD/USD, NZD/USD, SPX (S&P 500), USD/CAD, Crude Oil (WTI) and USD/CHF.

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

Key Trade Levels in Focus

US Dollar – Resistance & near-term bearish invalidation at 98.40– a breach there would expose 98.69. Support at 98 with a break below key support at 97.71 needed mark resumption lower.Review my latest US Dollar Price Outlook for a closer look at the DXY technical trade levels.

EUR/USD Euro is testing slope support early in the week with more significant support eyed just lower around ~1.0994. Initial resistance at 1.1065- bearish invalidation now lowered to 1.1107/13.Review my latest Euro Price Outlook for a closer look at the EUR/USD technical trade levels.

GBP/USD – Early-week breakout in Sterling takes price into initial Fibonacci resistance at 1.2896. Looking for support ahead of 1.28 IF Cable has turned the corner. Bearish invalidation at the monthly open at 1.2930. A break lower from here would expose key support 1.2750.Review my latest British Pound Weekly Price Outlook for a closer look at the Sterling technical trade levels.

USD/CAD –Focus into the start of the week is on resistance at the 61.8% retracement of the October range at 1.3230 – a breach above this zone would expose 1.3281. Support / near-term bullish invalidation at 1.3178/96. Review my latest Canadian Dollar Price Outlook for a closer look at the USD/CAD intraday technical trade levels.

GoldGold prices are testing a critical support zone this week at 1451 – the immediate decline may be vulnerable IF XAU/USD is able to close above this threshold. Initial resistance at 1472 with a breach / close above 1482 needed to shift the broader focus back to the long-side. A break here would risk further losses (likely to be accelerated) with such a scenario exposing 1433. Review my latest Gold Price Outlook for a closer look weekly 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

Economic Calendar - latest economic development and upcoming event risk

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---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.