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 reversed higher and is testing the strong horizontal resistance 92.50 level. A daily close above this level woul lead to a 94.50 level test.
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 testing the key 12900 resistance now. A close above this resistance is required for an upside extension. Rejection here could lead to a pullback into the 12600-12700 zone again.
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. The rejection from here would lead to a bearish extension lower. We will be looking for a short trade entries.
EURUSD
The pair has broken below the median support line of the uptrend Pitchfork channel 1.20000 level. Look for the short trade entries from here 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 reaction.
AUDJPY
The pair is trying to break below the 82 level of the downside resistance for a bearish extension lower.
AUDUSD
The pair has broken below the rising wedge support line 0.7600 level with a confirmation. Look here for the dowsnide extension into the 0.7000 level.
NZDUSD
The pair is testing now the strong uptrend 0.7000 level of the support. Look for a reaction from here for the dowsnide extension.
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 has completely reversed the uptrend and is breaking below the 1.3600 level. Look for the extension lower into the 1.3000 level.
Bitcoin
The instrument has bounced from the 6700 level and is reversing to the upside. Look here for an extension higher into the 11500 level.
ETHEREUM-ETH/USD
The instrument is bouncing off the strong support 410 level. As long as the isntrument is above the 560 level look for an extension higher.
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.