Weekly 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 is bouncing off the key support 88-88.50 zone and also the lower Pitchfork sideways channel support line. This bounce if confirmed with the break higher above the 90 level could lead us to 92 level test.
XAUUSD-GOLD
The instrument is rejected from the upper triangle line 1350 level and we are seeing the downside continuation into 1300 first and 1270 to follow. The key upside level is 1350. The key downside level is 1270. Narrow range.
OIL
The instrument is rejected from a strong horizontal upside resistance 66.70 level. Rising trendline is being tested now 61.95 level. We could see a downside move into the 58 level.
DAX
The instrument is making bounce into the wedge upside resistance 12180. Look for the short trade entries next week with the stop loss above the 12200 level.
S&P500
S&P500 is testing the 34SMA 2600 level. Below this level, we should see a test of 2350-2400 zone. Look for the short trade entries on the lower time frames. A previous weekly close is indicating top is in place.
EURUSD
The pair is testing the 1.2220 level of the medium-term uptrend line. A break below this level would open further downside targeting 1.2000 level and lower.
USDJPY
The pair is rejected again from the 107.500 level and we could see an extended downside into the 100 level as long as the 107.500 level holds.
AUDJPY
The pair is still testing the downside support horizontal line 82 level. Look for the short trade entries with the SL above the 82.50 level in the case of a daily bearish price action.
AUDUSD
The pair is rejected from the 0.7870 level and is pulling lower. A break below 0.7700 level is opening a test of 0.7500 level. 0.7620 level 100 SMA before the 0.7500 level is the key for a complete downside reversal. Consolidation price action in a narrow range. Stay away from the trade entries.
NZDUSD
The pair is testing the wedge upside 0.7250-0.7300 zone. Look for a reaction from this zone for a near-term direction. Stay away from the trade entries.
USDCAD
The pair is testing the 200SMA 1.2700 level. This level needs to hold for an upside continuation. In the case of a break below this level look for the short trade entries targeting 1.2400 level again.
GBPUSD
The pair is testing the 1.4150-1.4280 zone just below the weekly 200 SMA and is being rejected. Look for the short trade entries with the SL just above 1.4200 level.
Bitcoin
The instrument is rejected from the 9500 level and we could see the downside extension into the 3500-4000 zone. Look only for the sell entries with the SL above the 8580 level.
ETHEREUM-ETH/USD
The instrument is breaking below the 590 level for the only upside support level left 410. A break below is opening the extended downside targeting 317 and lower. Look only for the short trade entries.
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.