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 has reached the 1160 level. We have a pullback from here. The downside support is 1200-1220 zone. Break below 1160 level is required for a downside continuation.
OIL
The instrument is entering the 64-66 upside support zone. The bounce off this zone could drive the instrument in the upper resistance 73 level. This week is important.
DAX
The instrument is testing the downside resistance 12200 level. Break below this level is required for the downside continuation into the 11500 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. Weekly identified downside support is 1.14300 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 110.500-111.
AUDJPY
The pair has broken below the 81.50 level and this could lead to a downside extension into the 74-76 zone. We have a retest of the 80.800 descending triangle break.
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 which is on a retest now.
NZDUSD
The pair is bouncing off the 0.6500 level. Look for a downside support at the 0.6600-0.6650 zone.
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. We have a weekly bearish inside bar formed. Look for a downside continuation.
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.