Weekly market overview Forex, CFD’s, Cryptocurrency- DXY, XAUUSD, OIL, S&P500, DAX, EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN, ETHEREUM
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DXY-USDollar index
The instrument is retesting the 96.50-97 zone of the strong uptrend resistance and is breaking above the 200 SMA 95.790 level. A daily close below the 95.79 is required for a downside reversal into the 94 level. A daily confirmed close above the 97.50 is required for an upside continuation.
XAUUSD-GOLD
The instrument is being rejected by the 1260 level of the upside resistance. With a lot of the upside resistance, high probability long-trade entries will be on a daily close above 1280. A pullback from this level could lead to a 1230 level.
OIL
The instrument is breaking below the 53.40 level and is testing the strong resistance 50.30 level. A daily close below this level is required for a downside continuation. The downside support zone now is 53-55. Consolidation triangle formed.
DAX
The instrument is testing the 10000 level of the channel support and 61.8% of the Fibonacci retracement level of the latest swing up. The daily close above the 11000 level is needed for the upside continuation.
S&P500
S&P500 is testing the support zone 2600-2650. The bounce off this support can lead to a retest of the 2774 level and a daily close above this level is required for a continuation into the 3000 level. A daily close below the 2600 level will lead to a downside continuation into the 2400 level.
EURUSD
The pair is testing the strong support 1.13000 level and only a daily close below this level would lead to a downside continuation. A bounce off here would lead to a test of the 1.14000 level for an upside continuation.
USDJPY
The pair is testing the 112.700 level for the pullback lower into the 111 level. We need to see a daily confirmation above the 114.500 level for the upside continuation.
AUDJPY
The pair is testing the key 81.160 level. The bounce of this level could lead to a retest of the 84.800 level and a daily close below will lead to a 79 level test.
AUDUSD
The pair is retesting the 0.7150 key level of the support. This level should hold for an upside reversal continuation. A daily close below this level would lead to a downside extension
NZDUSD
The pair is pulling back into the 0.6790 level of the strong upside reversal support. We need to see a bounce off this level for the upside reversal continuation. A daily close below this level would lead to an a deeper pullback.
USDCAD
The pair is testing the strong upside resistance 1.3300-1.3400 zone and a daily close above this level is required for an uptrend continuation. Rejection from here would lead to a pullback into the 1.3050 level.
GBPUSD
The pair is testing the strong support confluence 1.2500-1.2600 zone. A daily close below this zone could lead to an extreme downside continuation. Bounce off this zone could lead to a retest of the 1.2900 level.
Bitcoin
The instrument is testing the 3000 level for a break and downside extension into the 1500 level. Daily bounce could lead to a 4000 level retest.
ETHEREUM-ETH/USD
The instrument is breaking below the 195 level and we could see a downside extension into the 110 level which is a channel support. A break below the channel support, which is ongoing and if it is confirmed, could lead to a downside extension into 10.
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 of 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.