Technical Trade Levels: US Dollar, EUR/USD, USD/CAD, AUD/USD & Gold
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US Dollar Searching for Support Early in the Week – Gold Prices Threatening Reversal
The US Dollar remains on the defensive into the start of the week after turning from technical resistance and the focus is on this pullback in price- the focus is lower towards slope support. Meanwhile, gold prices continue to hold just above a critical long-term support zone and we’re looking for a reaction early in the week with the short bias now at risk. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, AUD/USD, NZD/USD, Gold(XAU/USD), GBP/USD, and SPX (S&P 500).
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Key Trade Levels in Focus
US Dollar – Turned from confluence resistance last week at 98.40 – looking for a reaction / pivot on a move lower towards trendline support / 2018 highs around 97.71. Initial resistance 97.94 backed by 98.13. Review my latest US Dollar Price Outlook for a closer look at the DXY technical trade levels.
EUR/USD – Euro rebounded off confluence support last week at 1.0994- the rebound is attempting to break near-term resistance today at 1.1065. A close above would keep the focus on slope resistance around just below 1.11 and key lateral resistance at 1.1106/09. Initial support now 1.1043 with bullish invalidation at 1.1015. Review my latest Euro Price Outlook for a closer look at the EUR/USD technical trade levels.
USD/CAD –Price broke below reversed off confluence resistance last week at 1.3252 with price breaking below uptrend support. That said, the break has failed at the 23.6% retracement at 1.3216 and momentum is lacking. Looking for failure / topside exhaustion on a stretch towards 1.3252 & 1.3281 (max) IF price is indeed going to turn lower. Initial support objectives at 1.3183 ad 1.3156- key support steady at 1.3129/34. Review my latest Canadian Dollar Price Outlook for a closer look at the USD/CAD intraday technical trade levels.
AUD/USD –Aussie rebounded off confluence support last week at 6769- was that a near-term low? Looking for support on pullbacks while above 6790 with a breach above 6830 needed to fuel the next leg higher in price targeting 6850- look for a bigger reaction there IF reached. Review my latest Australian Dollar Price Outlook for a closer look at the AUD/USD intraday technical trade levels.
Gold– Gold prices tested a major long-term support zone last week at 1451- price needs to clear resistance at 1472 to validate a larger reversal with such a scenario exposing 1480 and key resistance at 1489. 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.