Daily market overview DXY, XAUUSD, OIL, S&P500, DAX, EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN
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DXY-USDollar index
The instrument had briefly gone below the 91-92 zone, and 200 SMA weekly (blue line) 93.28 level. This break if confirmed with the strong weekly close below 93 would lead to a deeper fall targeting 88 level. We are expecting another leg higher from here for a retest of the 97-98 zone where the weekly SMA cross is visible. We had a strong previous week close. It seems that the USD is gaining the bullish momentum but we need to see the next week close.
XAUUSD-GOLD
The key 1277 level is broken to the downside and we expect a continuation lower. Look for the short trades on an eventual pullback into the 1265-1270 zone which is the retest zone of the broken medium-term uptrend.
OIL
The instrument is inside the weekly wedge and is trying to break the upside wedge resistance line 58.920 level. Only a clear and strong weekly close/break above the 60 level would lead to a range break and an extension higher. The daily close below 57 is required for the downside reversal.
DAX
The Recent top was established at 13600 level just at the median line of the upside Pitchfork channel. Continuation below 13060 is required for a downside extension into the 12400-12500 zone. Still no confirmed continuation below 13060. Above 13150 we could see an extension higher into 13500.
S&P500
S&P500 is tracking the weekly uptrend Pitchfork channel and is breaking above the strong resistance 2575 level. The weekly close is strong and we could see a test of 161.8% Fibo extension 2700-2750 zone heading into the year-end. No bearish reversal signs.
EURUSD
The pair has is closing the week above the 1.18400 resistance level and is facing the LT downtrend line of a falling Pitchfork channel. Look for daily closes below 1.17300 level for the downside extension. The bounce from this level on the daily chart would lead to a test of 1.18500-1.19000 zone.
USDJPY
The pair is in the middle of the weekly range and is testing the strong area of SMA’s crossing. Reaction from here will be important for the further continuation of the range. We are expecting this sideways action to continue in the coming weeks especially in the case of a risk-off market environment. The key support now is 110 and the key resistance is 114.410.
AUDJPY
The pair is breaking below the uptrend wedge line. This break is calling for a medium-term top with the possibility of extending lower for a test of the 82-83 zone. We are expecting a strong continuation lower after the retest of the broken wedge 85.500-86.000 zone. Only the close above the 87 level would invalidate the downside.
AUDUSD
The pair bounced from the key 0.7500 level and is testing the upside 0.7650 resistance. The daily close above this level could lead to an upside extension. We will go tactically long on a daily close above the mentioned 0.7650 level.
NZDUSD
The pair is testing the medium line of the downside Pitchfork channel and the 100 SMA (RED LINE). We will look for a reaction from this level for the long/short trade entries. The daily close above this level is required for an upside continuation
USDCAD
The pair has bounced from the LT uptrend line and is continuing above the 200 SMA (blue line) 1.2534 level but it is in the rectangle and only the daily close above 1.2860 would lead to an upside extension. We are looking for a possible reversal lower.
GBPUSD
The pair is rejected from the 1.3500 level and is testing the key 1.3200-1.3250 zone. The daily close below this zone is required for the downside reversal. We will look for reaction here for the long/short trades.
Bitcoin
The instrument is extending its parabolic rise and we are seeing now the 361.8% of Fibo extension test. Stay aside for now. Looking for the test of 20000 before the correction lower.
ETHEREUM-ETH/USD
The instrument broke above the 350 level. The upside continuation is on the way and the pair has reached 700-750 zone of the uptrend channel. We expect a correction here.
The weekly preview will give you an important insight into the long-term price action. Look for strategic trend direction clues in this analysis.
Technical analysis on instruments listed here is just an indication of possible price movement and does not indicate any trade action which could be initiated by investors and members of this site.