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 as long as the mentioned support zone holds.
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. The pullback zone that should hold for the downside continuation is 1210-1235.
OIL
The instrument bounced of the 64-66 upside support zone. This bounce 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 2880.
EURUSD
The pair bounced off the 1.136000 level and this bounce is now testing the important 1.16000 level of the resistance. A daily close above the 1.165000 level would lead to an upside 1.17000-1.18000 zone test.
USDJPY
We have a bounce off the 110 level of the support. This bounce if it will be confirmed next week could lead to an upside test of the 112-113 zone.
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 81.500 previous downside resistance level.
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 0.6680-0.6750 zone. Still, we have a downtrend and pullbacks should be used for short.
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 1.2950-1.3050 and it is holding for now.
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. The recent bounce will not invalidate the downside as long as the downside support zone holds.
Bitcoin
The instrument is testing the 6000 and level and is bouncing slightly from it. The downside continuation will continue as long as the instrument is below the 8500 level. Only a daily close above this level will invalidate the downside.
ETHEREUM-ETH/USD
The instrument is breaking below the 310 level and we could see a downside continuation into the 190 level.
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.