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 is retesting the broken Inverted H&S formation and a daily close here would be important. Upside continuation could lead to a test of 96-96.50 area.
Note: the instrument is reacting from the 93-93.50 zone and is preparing for a new leg higher. Looking only for the long side in the USD for now.
XAUUSD-GOLD
Gold is reacting to the 200 SMA congestion zone 1270-1280. However, we need to see a daily close above the 1310 level for the upside reversal and continuation.
OIL
The instrument is in the wedge and is reacting to an upper wedge border 58.400 level. The reaction zone lower is an intersection of the ST uptrend line and the rectangle 50.500-53 zone.
Note: the instrument has retraced 50% of the big bearish candle. Short entries now should have 57.600 SL.
DAX
DAX needs to break below the 13000 level for the bearish continuation. Above this level stay away from the short trades for now.
Note: long trades could be taken here with a small stop below the 13000. Risk reward for a recent top is 1:1. Be cautious on the bullish trap.
S&P500
S&P500 is breaking below the recent top. This break if confirmed could lead to a downside continuation only in the case of a daily close below 2550 level.
Note: short trades could be taken here with a small stop above 2590.
EURUSD
The pair is testing the H&S reaction zone 1.18500-1.19000 for a complete negation of the pattern or a new leg lower opening. Buying only in the case of a strong daily close above 1.18600.
Note: allow for some consolidation here and place shorts on a daily close below 1.17500.
USDJPY
The instrument is in the rectangle and the bearish continuation is expected. Near-term downside target is 111.760.
Note: short trades should have SL now at 113.200
AUDUSD
The pair is getting near the LT uptrend line 0.7500 line. Look for a today daily close for clues.
Note: look only for a short position with the small risk placing a SL above the 0.7700 level. Stops on shorts should be at 0.7630
NZDUSD
The pair is entering the downside resistance and the upside support zone 0.6790-0.6830.
Note: short trades only preferred her targeting 0.6700
USDCAD
The pair is supported by a rising TL 1.2700 level and is making a bullish signal for continuation.
Note: look for a long entry with the SL just below 1.2700 level.
GBPUSD
The pair is bouncing from the uptrend trend line 1.3100-1.3200 zone. Look for a daily close above the 1.13200 for entering the position.
Note: short positions with the SL just above the 1.3200 are preferred.
Bitcoin
The instrument is reacting from 34 SMA (green line) and is going for a retest of the 7800 level. Stay away from taking positions and wait for daily closes.
The daily market overview is the comprehensive look at all market classes and it will give you the full daily insight of the market positioning for further actions.
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.