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 92.50-93.20 zone. The strong upside resistance is 94.80 level. We need to see a daily close above this level.
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. Looking at the weekly price action we can see a consolidation triangle which could be reversal or downside break triangle.
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. The pullback is on the way and we need to see a reaction here. A daily close below the 63.700 level could lead to a deeper downside pullback into the 60 level.
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 briefly broke above the 13000 and is pulling back again below this level. We are expecting downside extension and acceleration below the 12740 level.
S&P500
S&P500 is testing the 2800 level and it seems like it is forming a wedge with a strong confluence resistance at 2800 level. Look for a reaction here. The price action is suggesting a continuation higher so far. The upside continuation scenario to be invalidated only on a daily close below the 2670 level.
EURUSD
The pair bounced off the 1.15000 level and could extend its pullback into the 1.20100 level. This level should hold for a downside continuation. A break below the 1.14480 level is required for the downside extension.
USDJPY
The pair is pulling back to a downside support 108.500-109 zone. This zone needs to hold to invalidate an upside extension higher. Downside continuation will be in play on a daily close below the 108.500.
AUDJPY
The pair is in the consolidation between 80 and 84 level. Stay away from the trade entries here. A daily close below the 80.500 level is required for the downside continuation.
AUDUSD
The pair has pulled back into the 0.7650 level of the downside support and a confluence of resistance. This is also the level of a broken uptrend line. Look for a reaction here for extension to downside.
NZDUSD
The pair is testing the 0.7050 level for the upside continuation higher and a deeper pullback into the 0.7140 level. Look for a reaction here. A deeper pullback will be invalidated only on a break below the 0.6950 level.
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 or a rejection for a pullback.
GBPUSD
The pair is testing the 1.3200 level for the downside extension lower. The downside support is 1.3450-1.3500 zone.
Bitcoin
The instrument is reversing lower from the 9750 level for an extension into the 6000 level again. The key upside support now is 7000 level followed by the 6430 level.
ETHEREUM-ETH/USD
The instrument is trying to bounce off the 560 level. The bounce if materialized could lead to an upside continuation into the 780 level again. The invalidation of the upside scenario only in the case of a break below the 414 level.
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 of 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.