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 testing the strong 91-91.50 zone of the downside support.
XAUUSD-GOLD
The instrument is testing the key upside support 1300-1320 zone. This zone should hold for another upside test of 1360 level. The instrument is still in a consolidation but 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 testing the median support line of the uptrend Pitchfork channel 1.20000 level. Look for a reaction form here for a possible long trade entries on a lower timeframes.
USDJPY
The pair is breaking above the 107.400 level and we are seeing the extension higher into the previously broken uptrend line 109-109.500 zone. Look here for the short trade entries with the SL above this zone.
AUDJPY
The pair is in the middle of the consolidation just close above to 82.650 level a strong uspide resistance.
AUDUSD
The pair has broken below the rising wedge support line 0.7600 level but without the confirmation. Look next week for a final extension lower into the 0.7000 level or a reveresal higher for another wedge price action move.
NZDUSD
The pair is testing now the 61.8% of the Fibbo retracement leveljust near the strong uptrend 0.7000 level of the support.
USDCAD
The pair is in the consolidation range between the 1.2750 level and also the 1.2980 level. Stay away from trading at the moment.
GBPUSD
The pair reversed from the 200 SMA 1.4227 level and is testing now the strong upside support 1.3800 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. This pullback if breaks above the 9300 level look to reverse to buying opportunities
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.