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 reversed higher and has broken above the strong horizontal resistance 92.50 level. Weekly identified support is 93.50-94 zone. The strong upside resistance is 94.80 level. We need to see a daily close above this level.
XAUUSD-GOLD
The instrument is testing the strong horizontal long-term resistance 1228 level. A daily close below this level would lead to an extended continuation into the 1160 level. The invalidation of this break only on the close above 1270 level. We have a weekly break below the 1228 level and our next target is 1160 level.
OIL
The instrument is entering the 64-66 upside support zone. The bounce off this zone could drive the instrument in the upper flag 80 level. This week is important.
DAX
The instrument is testing the downside support zone which is now 12400-12600. This zone needs to hold for a downside continuation. Invalidation of another downside swing only in the case of a daily close above 12950 level. The ongoing rejection from this zone could drive the pair lower to 12200 level.
S&P500
S&P500 is breaking above the 2820 level and is trying to test 2950 level again. So far the bullish bounce is strong but the magnitude along with the negative RSI divergence is warning the bulls.
EURUSD
The pair is going for a test of 1.15055 level again for a downside break. The ultimate long-term support is 1.14489 level.
USDJPY
We have a break above the 111.500 and the extension into the 113 level. The strong upside resistance zone is 112.500-113.500 and the pair is pulling back from the 113.255 level which is also 200 SMA. The upside support zone is 111-111.500.
AUDJPY
The pair is in the consolidation between 80 and 84 level. Stay away from the trade entries here. A daily close below the 81.500 level is required for the downside continuation and a higher probability short trade entries.
AUDUSD
The pair is testing again the median line of the downside Pitchfork channel 0.7350 level. Look for a reaction here. The downside is to be invalidated only on a daily close above the 0.7437 level and above this level we could see a test of 0.7500 level.
NZDUSD
The pair broke below the 0.6840 level, which is now a downside support, for the continuation into 0.6600 level and lower. The downside will be invalidated only on a weekly close above the 0.6840 level. A daily close below the 0.6780 level is calling for more downside.
USDCAD
The pair is breaking above the 1.3050 level of the strong long-term upside resistance and this break is confirmed. Look only for the long trade entries as long as the pair holds above the 1.2950 level. The uptrend support zone is 1.3050-1.3100 and it is holding for now opening a higher probability long trade entries.
GBPUSD
The pair has broken below the 1.3050 level and we could see a further downside extension. The downside support now is 1.3050 level and as long it holds we could see more downside targets.
Bitcoin
The key downside support now is 8500 level on this pullback from the 5500 level. As long as the 8500 level holds look for more downside. We have so far deep bearish shadow candle calling for more downside.
ETHEREUM-ETH/USD
The instrument is below the 560 level and is pulling back again to this level after the 400 level test and bounce. As long as the 560 level holds look for the downside continuation.
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.