Technical Trade Levels: US Dollar, EUR/USD, USD/CAD, Gold & Oil
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
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US Dollar Exhaustion Alert - Gold Prices at Support into the Open
The US Dollar is vulnerable into the start of the week / month with DXY holding just below technical resistance- we’re on the lookout for exhaustion here. Meanwhile, the gold trade has remained rather subdued with bullion trading just above a critical support zone into the open – looking for a reaction down here early in the week. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, AUD/USD, USD/JPY, NZD/USD, Gold(XAU/USD), Crude Oil,GBP/USD, USD/CHF and NZD/CAD.
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Key Trade Levels in Focus
US Dollar – The index was rejected at Fibonacci resistance last week at 98.40- Risk is lower while below Friday’s high with a break below slope support targeting the 98-handle. A close below the figure is needed to validate a larger reversal targeting 97.66/71. Review my latest US Dollar Price Outlook for a closer look at the longer-term DXY technical trade levels.
EUR/USD – Euro rebounded off a critical support barrier last week at 1.0982/94 – we’re looking for a breach above downslope resistance with a close above 1.1053 needed to validate a reversal. Review my latest Euro Price Outlook for a closer look at the EUR/USD technical trade levels.
USD/CAD –Price remains in a consolidation pattern and we’re looking for the breakout. Key resistance stands at 1.3335/55 – the long-bias is at risk into this threshold. Ultimately, a break below near-term support at 1.3252/60 is needed to validate a reversal targeting 1.3219.Review my latest Canadian Dollar Price Outlook for a closer look at the USD/CAD intraday technical trade levels.
Gold– Gold opens the month just above a critical support zone at 1451 – we’re looking for off this zone early in the month. Resistance near 1475 with bearish invalidation at 1489. A break lower form here exposes 1433. Review my latest Gold Price Outlook for a closer look longer-term technical trade levels.
Crude Oil– Oil prices have responded to a critical confluence resistance barrier at 58.45/61. The risk remains lower sub-57.19 with a break below near-term support at 54.91 targeting 53.67/99. Review my latest Oil Price Outlook for a look at the longer-term 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.