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 95.60 level. Weekly identified support now is 95-95.50 zone. The strong upside resistance now is 96.70 level. This is a significant break and could lead to a 100 level test.
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. The downside support is 1235-1250.
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. The upper wedge line level is 2850.
EURUSD
The pair is testing the 200 SMA 1.13650 level for a complete downside break and a continuation into the 1.11874 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 has broken below the 81.50 level and this could lead to a downside extension into the 74-76 zone.
AUDUSD
The pair experienced a heavy rejection off the 0.7450 level. We are now targeting 0.7000-0.71000 zone with the downside support at 0.7380 level.
NZDUSD
The pair broke below the 0.66680level, which is now a downside support, for the continuation into 0.6400 level and lower. Resistance could be found at 0.6400 level.
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 1.2950 level and we could see a further downside extension. The downside support now is 1.2800-1.2950 zone and as long it holds we could see more downside targets.
Bitcoin
The instrument is testing the descending triangle 0.6300 level. A break below this level could lead to 6000 level test again.
ETHEREUM-ETH/USD
The instrument is breaking below the 410 level. This break opened 320 level test now and a close below this level could lead to a downside slide into the 185.
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.