We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Technical Trade Levels: US Dollar, EUR/USD, USD/CAD, Gold & Crude Oil

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

2020-01-13 16:30:00
Michael Boutros, Technical Strategist
Share:

US Dollar Exhaustion Ahead? Gold Prices Remain Vulnerable

Friday’s disappointing Non-Farm Payrolls report sparked a pullback in the dollar, triggering a pullback in DXY off trend resistance. The focus into the start of the week is on possible topside exhaustion in the greenback with the majors trading into some clean setups into the open of trade this week- the levels are clear. We remain on the lookout for topside exhaustion in Gold as well with XAU/USD rallies vulnerable while below key resistance. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, GBP/USD, USD/CHF, USD/CAD, AUD/USD, NZD/USD, USD/JPY, Gold(XAU/USD), and Crude Oil.

Forex for Beginners
Forex for Beginners
Recommended by Michael Boutros
New to Forex Trading? Get started with this Beginners Guide
Get My Guide

Key Trade Levels in Focus

US Dollar – The US Dollar Index traded into near-term uptrend resistance on Friday before turning lower. Initial support 97.30 with bullish invalidation at 97.11. Near-term resistance 97.62/71 backed by 97.87 (key) – both levels of interest for possible topside exhaustion IF reached. Review my latest US Dollar Price Outlook for a closer look at the longer-term weekly DXY technical trade levels.

EUR/USD – Looking for basing in the Euro while above 1.1080 with a breach above 1.1145 needed to fuel another test of key resistance at 1.1187-1.1209. A break lower from here would risk 1.1042 and the 61.8% retracement of the September advance at 1.1017. Review my latest Euro Price Outlook for a closer look at then longer-term weekly EUR/USD technical trade levels.

USD/CAD – Price is trading just above key near-term support targets at 1.3024/28 & 1.3010- price would need to hold above this zone for trade to remain constructive. A breach above the weekly opening-range highs would shift the focus back towards 1.3102 and 1.3134/40. Weakness beyond last week’s low would expose key support back at 1.2971. Review my latest weekly Canadian Dollar Price Outlook for a look at the longer-term USD/CAD technical trade levels.

GoldGold is sitting at near-term support here at 1547- initial resistance at the median-line near ~1567 with bearish invalidation steady at 1586. A break lower targets subsequent support objectives at 1535 and the yearly open / December 2011 low at 1520/22- look for a bigger reaction there IF reached.Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trade levels.

Gold Forecast
Gold Forecast
Recommended by Michael Boutros
Download our latest Quarterly Gold Forecast
Get My Guide

Crude Oil – Oil prices remain at risk while below 60.45 with price testing near-term support today at 58.30 – look for a reaction here with a break lower exposing pitchfork support near ~57.50s and the 61.8% retracement of the October rally at 56.57. Review my latest Weekly Crude Oil Price Outlook for a closer look at the longer-term WTI 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 This Week

Economic Calendar - latest economic development and upcoming event risk

Building Confidence in Trading
Building Confidence in Trading
Recommended by Michael Boutros
Learn how to Trade with Confidence - Free Trading Guide
Get My Guide

---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.

DISCLOSURES

News & Analysis at your fingertips.