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

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

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

US Dollar Breakout Targeting Initial Resistance - Gold Price Recovery Tests Downtrend Resistance

A breakout in the US Dollar has taken the index to fresh four-month highs with DXY now approaching the 2019 high-week close just higher. While the near-term focus remains constructive, we’re looking for a reaction in price on a stretch higher into technical resistance. Gold opens the week just below near-term downtrend resistance – are of interest for possible topside exhaustion near-term. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, GBP/USD, USD/CAD, Gold(XAU/USD), S&P 500 (SPX500), USDJPY, AUD/USD, Crude Oil.

Key Trade Levels in Focus

US Dollar – The US Dollar breakout is approaching topside resistance objectives at the High-week close at 98.84 and 98.96/98- both regions of interest for possible topside exhaustion IF reached. Initial support 98.40 with near-term bullish invalidation at 98.32. Review my latest US Dollar Price Outlook for a closer look at the longer-term weekly DXY technical trade levels.

EUR/USD Euro is testing a near-term support zone at the 88..6% retracement of the September advance / 2019 low-day close at 1.0920/32- looking for a reaction there IF reached. Resistance at 1.0976/81 backed by bearish invalidation at 1.1016. A break lower from here exposes subsequent support at 1.0882. Review my latest Euro Price Outlook for a closer look at then near-term EUR/USD technical trade levels.

USD/CAD – The Canadian Dollar has been on the defensive for the past five-weeks with USD/CAD approaching an area of confluence resistance at 1.3330/36- a region defined by the September high-day close and the 61.8% retracement of the May-decline. Looking for a reaction there for guidance IF reached. Initial support 1.3270 with near-term bullish invalidation at 1.3231. A topside breach from here would expose 1.3382. Review my latest Canadian Dollar Price Outlook for a closer look at then longer-term USD/CAD technical trade levels.

GoldGold prices mounted a rally of more than 1.7% off the monthly lows with XAU/USD now testing near-term confluence resistance at 1575- the immediate advance may be vulnerable while below this threshold. Near-term support 1560 and 1552. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trade levels.

Crude OilOil prices are testing weekly slope resistance on the back of a five-week decline to levels not seen since January of last year. Broader risk is lower while below the August low-day close at 52.29 with a break lower risking 48.14. That said, the immediate focus is on a break of last week’s range for guidance. Review my latest Crude Oil Price Outlook for a closer look at the near-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

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.