Daily market overview DXY, XAUUSD, OIL, S&P500, DAX, EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN, ETHEREUM
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DXY-USDollar index
The instrument has gone below the 200 SMA (blue line) and is testing the strong long-term upside support 91-92 zone. The weekly price action if confirmed in the next weeks is calling for the downside continuation. To keep the bullish long-term trend the instrument needs to stay above this zone.
XAUUSD-GOLD
The bounce from a 1260-1270 has completely invalidated the downside. Now the gold is targeting higher and looking at a test of 1320 on the upside. The strong support and possible consolidation pullback level is 1300.
OIL
The instrument broke above the upside strong resistance 60 level. This break opened the upside reversal into the 200 SMA (blue line) 69.825. The support is now the broken upside resistance.
DAX
The Recent top was established at 13600 level just at the median line of the upside Pitchfork channel. Continuation below 13060 is required for a downside extension into the 12400-12500 zone. Still no confirmed continuation below 13060. Above 13150 we could see an extension higher into 13500. The instrument bounced from the strong long-term support 12700 level.
S&P500
S&P500 is tracking the weekly uptrend Pitchfork channel and is breaking above the strong resistance 2575 level. The weekly close is strong and we could see a test of 161.8% Fibo extension 2700-2750 zone heading into the year-end. No bearish reversal signs. The overall strategy is to buy the dips.
EURUSD
The pair has broken above the downside Pitchfork channel and completely reversed the downtrend. It is testing now the strong resistance 1.20300 level for an upside extension into 1.22000 level. We are not expecting consolidation pullback before a test of 1.22000.
USDJPY
The pair is in the middle of consolidation triangle and is open for the break. Looking for a reaction from 113.500-114 zone for the trading strategy. The strong upside support is 112-112.500 zone.
AUDJPY
The pair has broken above the strong resistance 200 SMA (blue line) and we are expecting the strong upside continuation especially in the case of a break above the 89.390 level. The strong support is 88 level.
AUDUSD
The pair bounced from the key 0.7500 level and is closing the week above the 0.7700 level for the complete upside reversal into the 0.7870 level. This is the 200 SMA (BLUE LINE). The reaction from here is important for an upside continuation.
NZDUSD
The pair is testing the medium-term downtrend line for an upside continuation 0.7150-0.7200 zone. This zone needs to be broken for an extension higher. The overall strategy is to buy the dips.
USDCAD
The pair has broken below the 200 SMA (blue line) 1.2590 level which is now the downside support. We are expecting the downside continuation in the next days and weeks targeting 1.2200 level.
GBPUSD
The pair has broken above the strong downside trend line resistance 1.3500 level. The nest strong resistance and our upside target is the 1.3700 level.
Bitcoin
The instrument is pulling back from the 19640 level forming the large bearish shadow weekly candle. We expect now the fall into the 8000-9000 zone. The instrument is testing the 61.8% Fibo retracement level of the recent swing down. The log scale weekly chart below.
ETHEREUM-ETH/USD
The instrument broke above the 740 level and we have a continuation to the upside in a long-term uptrend channel. Stay away from the trades for now. Te log scale weekly chart.
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 on 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.