Daily market overview DXY, XAUUSD, OIL, S&P500, DAX, EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN
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DXY-USDollar index
The instrument had briefly gone below the 91-92 zone, and 200 SMA weekly (blue line) 93.28 level. This break if confirmed with the strong weekly close below 93 would lead to a deeper fall targeting 88 level. We are expecting another leg higher from here for a retest of the 97-98 zone where the weekly SMA cross is visible. The USD index has gone below the 200 SMA again but still above the rising trend line which is leaving a hope for the USD to turn from here. We need to see the daily close above the 93.50 level for this.
XAUUSD-GOLD
Gold is locked in the 1260-1350 weekly range. The close above 1300 is required for the new leg higher in the channel, however, the weekly close is leaving the downside break in option. The key level to watch is 1277. Lok for both opportunities long/short.
OIL
The instrument is inside the weekly wedge and is trying to break the upside wedge resistance line 58.920 level. Only a clear and strong weekly close/break above the 60 level would lead to a range break and an extension higher. From here range low is still open.
DAX
DAX is closing the week on the critical 1297 level with the possibility of extension lower after the previous bearish shadow candlestick formation. 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.
S&P500
S&P500 is tracking the weekly uptrend Pitchfork channel and is breaking above the strong resistance 2575 level. The weekly close is calling for an extension higher if 2610 points level is broken. The rejection from here could expose a pullback into the 2500 level. No pullback visible near-term buy on dips.
EURUSD
The pair has is closing the week above the 1.18400 resistance level and is facing the LT downtrend line of a falling Pitchfork channel. Look for daily closes above the 1.19400 for the buying opportunity. Rejection form this level could lead to a deeper correction lower.
USDJPY
The pair is in the middle of the weekly range and is testing the strong area of SMA’s crossing. Reaction from here will be important for the further continuation of the range. We are expecting this sideways action to continue in the coming weeks especially in the case of a risk-off market environment.
AUDJPY
The pair is breaking below the uptrend wedge line. This break is calling for a medium-term top with the possibility of extending lower for a test of the 82-83 zone. We are expecting a strong continuation lower after the retest of the broken wedge 85.500-86.000 zone.
AUDUSD
The pair is bouncing from the 0.7500-0.7550 zone temporarily. The pair is still bouncing from the 100 SMA 0.7547 and it is in the consolidation triangle. Wait for a break of this triangle.
NZDUSD
The pair has broken the recent medium-term uptrend. There is a case now for the bearish extension into the 0.6800 level where the LT uptrend line lies. In our opinion, the recent medium-term leg higher has been finished and we are expecting further weakness in the pair despite the weekly bullish close.
USDCAD
The pair has bounced from the LT uptrend line and is continuing above the 200 SMA (blue line) 1.2534 level. We are expecting continuation higher and any dip to 1.2600 level should be used for buying into new leg higher. The pair is consolidating before a next leg, we will wait for daily closes for trading opportunities.
GBPUSD
The pair is bouncing from the 1.3212 level of 100 SMA (red line) and is positioning for the upside extension. This extension is now pushing higher and we are expecting the test of 1.3600 soon.
Bitcoin
The instrument is extending its parabolic rise and we are seeing now the 200% of Fibo extension test. Stay aside for now.
ETHEREUM-ETH/USD
The instrument broke above the 350 level. The upside continuation is on the way and the pair has reached 475-500 zone. Wait for a pullback before entering the long position.
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.