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 in a bearish wedge with a huge bearish probability outcome on a break below the 88 level. The pair is still below a strong 91-91.50 zone of the downside support.
XAUUSD-GOLD
The instrument is testing the key upside resistance 1360 level. This level needs to be broken to the upside for the extension higher. The instrument is still in a consolidation buts strongly supported by SMA’s.
OIL
The instrument is breaking above the 66.70 strong resistance level for a potential target higher of 75 followed by 80. The support is 66.70 and the resistance is pitchfork channel median line 70.
DAX
The instrument is breaking above the 12400 resistance level and is heading for the 1260-1270 zone test. On a break above the 12600 we could expect a continuation higher, as long as the instrument is below this level target lower.
S&P500
S&P500 is testing the 34SMA 2683 level. This is the key level for a possible wedge swing continuation higher into the 2730. Miidle of the consolidation triangle, stay away from the trading.
EURUSD
The pair is in the consolidation between 1.2200 and 1.2400 level. Look for a break above or below this levels for a price action continuation or reversal.
USDJPY
The pair is breaking above the 107.400 level and we could see an upside extension into the 109 for a test of the broken trend line.
AUDJPY
The pair is reversing lowr from the median line of the pitchfork channel and 100 SMA 83.661 level.
AUDUSD
The pair reversed lower from the 200 SMA 0.7748 level and is testing the upside wedge line again. Look for the reaction from this levels for a near-term direction.
NZDUSD
The pair is testing now the key confluence SMA’s zone. Look for the possible bounce off this zone.
USDCAD
The pair is bouncing off the Pitchfork channel line support and is reversing higher. Look for the price action on a lower time-frames for a direction.The pair is consolidating between 1.2700 and 1.3000 level.
GBPUSD
The pair reversed from the 200 SMA 1.4227 level and is testing now the strong upside support 1.4000 level. Look for a reaction form here.
Bitcoin
The instrument is retesting the 34 SMA 9000 level and we could see the downside extension into the 3500-4000 zone. Look only for the sell entries with the SL above the 9000 level.
ETHEREUM-ETH/USD
The instrument is bouncing off the strong support 410 level. This bounce is leading now to a test of the key 630-650 zone for the upside continuation.
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.