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Technical Trade Levels: US Dollar, EUR/USD, Crude Oil, Gold and S&P

Technical Trade Levels: US Dollar, EUR/USD, Crude Oil, Gold and S&P

2020-02-03 17:06:00
Michael Boutros, Technical Strategist
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Weekly Technical Trade Levels on USD Majors / Commodities

  • Technical trade setups we’re tracking across the USD Majors / Commodities this week
  • RBA interest rate decision & US Non-Farm Payrolls on tap into the monthly open
  • New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

US Dollar Recovery in Vulnerable - Gold Prices Fail at Resistance, Range Breakout Pending

It’s the start of a new week / month with the US Dollar paring a portion of the losses sustained last week early in the session. The Majors are in focus as we head into the February open with Gold & Crude Oil stretching into some critical inflection zones- we’re looking for a reaction at these levels in the days ahead with the RBA, Canada Employment and US Non-Farm Payrolls highlighting the economic calendar this week. In this webinar, we review the updated technical trade setups on DXY, S&P 500 (SPX500), EUR/USD, GBP/USD, USD/CAD, Gold(XAU/USD), Crude Oil, USDCHF and AUD/USD.

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Key Trade Levels in Focus

US Dollar – The US Dollar Index posted an outside weekly-reversal to post a decline of more than 0.5% last week. The sell-off failed just pips ahead of key Fibonacci support at 97.30 with an early-week recovery now approaching near-term resistance / bearish invalidation at 97.87- watch the close in relation to this level for guidance heading deeper into February trade. Review my latest US Dollar Price Outlook for a closer look at the longer-term weekly DXY technical trade levels.

EUR/USD Euro has already pared more than half of last week’s 0.9% advance off the yearly lows. IF price is indeed heading higher, losses should be limited to 1.1016/18 with a breach above 1.1110/15 needed to suggest a larger recovery is underway. Review my latest Euro Price Outlook for a closer look at then near-term EUR/USD technical trade levels.

Crude OilOil prices are trading into a critical support zone that has defined the last three-attempts to break lower in WTI. Looking for a reaction at 50.59with a close below needed to keep the short-bias viable targeting 50.08 and parallel support. Resistance 52.29 with bearish invalidation now lowered to 54.Review my latest Crude Oil Price Outlook for a closer look at the near-term WTI technical trade levels.

GoldGold testing a region of lateral resistance at 1586 yet again- price closed just above this threshold last month but has quickly turned back below into the open of week- false breakout? The immediate focus is on a break of the 1571-1586 range for guidance with the long-bias still at risk while below. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trade levels.

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S&P 500 – The slope we’ve been tracking on the SPX500 has been spot-on and although the index could see some further recovery near-term, the broader threat remains for a test of key support at 3203 and the 100% extension at 3194. Key resistance / bearish invalidation at 3290/93.

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.

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