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 testing the strong 92-92.50 zone of support. Still looking for a bullish reaction from here. The last level of defense is 92
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.
Note: the instrument is making a nice positioning for a long trade. SL on the long trade should be below 1270.
OIL
The instrument is in the wedge and is retesting 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: wait for a couple of days of consolidation here before long/short entry.
DAX
DAX has reversed from the 13250 level and is now breaking below the 13000 level.
Note: look only for short trades for now with the SL just above 13200.
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. No downside continuation, the instrument is testing the top again.
Note: we have a strong negative RSI divergence here.Wait with the trades
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 with the SL above 1.19000. Don’t rush into the long trades
USDJPY
The instrument is in the rectangle and the bearish continuation is expected. The break below the 112 level is opening more downside.
Note: only the short trades to be taken here with the SL above 112 level
AUDUSD
The pair bounced from the 0.7500 level. This bounce could lead to a test of 0.7630-0.7680 zone.
Note: allow for some consolidation now before a new leg lower. Look for the new short trades in this zone on a daily candle bearish reversal
NZDUSD
The pair is entering the downside resistance and the upside support zone 0.6790-0.6830. New short trades should be on the watch in the 0.6900-0.6950 zone.
Note: waiting for a reaction on this selling zone
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. Waiting for a break above the 1.2800 level.
GBPUSD
The pair is testing the upside resistance 1.3300 level. We could see some bearish reaction here.
Note: no confirmation on the upside break above the 1.3300 level and the reversal is coming
Bitcoin
The instrument is reacting from 34 SMA (green line) and is making new high now. RSI divergence is calling for a caution for buyers as the instrument is reaching the 161.8% of Fibonacci expansion level.
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.