Technical Trade Levels: US Dollar, EUR/USD, USD/CAD, S&P, Gold & Oil
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
- Updated trade levels on DXY, EUR/USD, USD/CAD, S&P 500, Gold, Crude Oil and more
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
Coronavirus Fears Gipping Market - US Dollar Rally Testing Multi-Year Uptrend Resistance - Gold Breakout Risks Near-term Exhaustion
Things are a bit stretched, (to say the least) heading into the open after the DXY, USD/JPY and Gold stretched to fresh high last week. It’s the last full week of February trade and while the trends are clean, recent price action leaves the immediate advances vulnerable into the close of the month. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, USD/CAD, USD/JPY, Gold(XAU/USD), Crude Oil, S&P 500 (SPX500), USD/CHF and GBP/USD.
Key Trade Levels in Focus
US Dollar – The US Dollar breakout is testing multi-year uptrend resistance and leaves the broader rally vulnerable while below the 2017 uncovered close at 99.98 heading into the close of the month. Initial support at 9917/19- look for a reaction there with a close below needed to suggest a larger correction is underway. 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 the top of a critical support zone at 1.0725/77 – shorts at risk into this region. he recovery is targeting near-term resistance at 1.0880/97- a breach / close above this threshold is needed to shift the focus higher with subsequent resistance objectives eyed at the 2019 low-day close at 1.0932 and the 2019 low- week close / November low at 1.0976/81.Review my latest Euro Price Outlook for a closer look at then near-term EUR/USD technical trade levels.
USD/CAD – The Canadian Dollar is under pressure early in the week with USD/CAD attempting to breach near-term downtrend resistance. The recovery remains vulnerable however while below 1.3330/35 and the focus is on possible topside exhaustion into this region. Monthly open support rests at 1.3236 backed closely by the uncovered gap at 1.3221. Ultimately a break below 1.3185 is needed to suggest a more significant high was registered this month. Review my latest Canadian Dollar Price Outlook for a closer look at then near-term USD/CAD technical trade levels.
Gold– The Gold price breakout has attempting to close a fifth-consecutive daily advance with bullion up more than 6% since the start of the month. The advance may be vulnerable here near-term, but the focus remains weighted to the topside while above 1611. Topside resistance objectives from here are eyed at 1713 and 1733.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
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.