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 has broken above the strong horizontal resistance 92.50 level. Soon we could see a test of the 94.50 level. Weekly identified support is 90-90.605.
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. A break below the 1285 level on a daily basis could lead to a hard extension into the 1270 and lower.
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 we could see a pullback into this level before the continuation higher .
DAX
The instrument is breaking above the 12400 resistance level and is testing the key 13000 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. The instrument clearly broke above the 13000 level which will act as a support now for the possible continuation into the 13500.
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 wait for the price action here.
EURUSD
The pair is traveling to a possible 1.15000 level test. A strong downside support is 1.18000 level.
USDJPY
The pair is breaking above the 110 level of the strong upside horizontal resistance and we are seeing the updide continuation into the 112.400.
AUDJPY
The pair is trying to break below the 82 level of the downside resistance for a bearish extension lower. Look for a bullish or a bearish reaction here for the trade entries based on a daily close.
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. The downside support is 0.7630 level.
NZDUSD
The pair is testing now the strong uptrend 0.6900 level of the support. Look for a reaction from here for the dowsnide extension or a possible consolidation bounce.
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. Watch for a break above the 1.3000 level for an extension higher.
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. The downside support is 1.3600-1.3780 zone.
Bitcoin
The instrument is reversing lower from the 9750 level for an extension into the 6000 level again. Look for the sell trade entries with the SL above the 8500 level.
ETHEREUM-ETH/USD
The instrument is bouncing off the strong support 410 level. As long as the instrument 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.