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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, Strategist

US Dollar Downside Exhaustion Risk Early in the Week- Gold Price Recovery Vulnerable

The US Dollar may attempt a near-term recovery off fresh five-month lows after DXY failed to break below longer-term Fibonacci support. The recovery may offer opportunities across the Majors with Euro, Sterling and Aussie all responding to key technical thresholds late-last week. Gold remains of interest as price holds an ascending slope off the November lows – while the broader outlook remains constructive, the recovery remains at risk while below confluence resistance just higher. In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, AUD/USD, USD/CAD, USD/JPY, Gold(XAU/USD), Crude Oil, and SPX (S&P 500).

Key Trade Levels in Focus

US Dollar – The immediate short bias may be vulnerable while above 96.80- Initial resistance 97.30 with near-term bearish invalidation at 97.87. A break lower from here exposes subsequent support objectives at the yearly open at 96.16 and the low-day close at 95.55. Review my latest US Dollar Price Outlook for a closer look at the longer-term DXY technical trade levels.

EUR/USD – Euro turned from key resistance last week at 1.1186-1.1208 – a breach / close above this threshold is needed to mark resumption of the medium-term uptrend. Initial support 1.1107/09 backed closely by 1.1090. Bullish invalidation now raised to 1.1065. A topside breach exposes 1.1250 backed by the 1.13-handle. Review my latest Euro Price Outlook for a closer look at then near-term EUR/USD technical trade levels.

GBP/USD – Sterling turned from critical resistance last week at the 2017 high-day close / 2018 open at 1.3495-1.3504 – risk for a deeper pullback near-term while below this threshold. Initial support 1.3310 backed by the 1.32-handle – an area of interest for possible downside exhaustion. A topside breach exposes 1.3589 and 1.3658/75. Review my latest Sterling Price Outlook for a look at the longer-term technical trade levels.

USD/CAD – Price broke below the 61.8% retracement of the July rally at 1.3155 before rebounding off the November lows ay 1.3115 today in New York- look for a close below the weekly open at 1.3172 to keep the short-bias viable. Subsequent support objectives at 1.31 and the October low-day close at 1.3086 and 1.3050. Bearish invalidation now lowered to Friday’s high at 1.3205. Review my latest Canadian Dollar Price Outlook for a closer look at the USD/CAD intraday technical trade levels.

GoldGold is trading just below confluence downtrend resistance at 1489 – the near-term recovery remains vulnerable below this mark. Support rests at 1460/61 backed by 1451 (key). Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

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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.

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