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 broke below a key 1295 level and is extending to a strong long-term uptrend support 1260 level. A downside support now is the 1290-1300 zone. This is a bearish extension break but a higher probability short trade entries would be below 1260.
OIL
The instrument is breaking below the 64.350 level and this break is opening a further downside continuation into the 60-61.50 zone of the strong upside long-term support. Look for the short trade entries as long as the instrument is below the 64.350 level.
DAX
The instrument is breaking above the 13000 resistance and it is expected to continue upside into the 13500-14000 zone as long as it is above the 12950 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 pullback now. Only a close above the 2800 level will invalidate the pullback into the 2710 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. So far the rejection from 1.18390 level is proving significant and is opening more downside. High probability short trade entries will be on a break below the 1.14500 level.
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. The pair is extending higher by breaking 110 level and it is expected to reach and test key upside continuation 112 level.
AUDJPY
The pair is in the consolidation between 80 and 84 level. Stay away from the trade entries here. A daily close below the 81.500 level is required for the downside continuation and a high probability short trade entries.
AUDUSD
The pair is rejected by the 0.7650 level of the downside support and a confluence of resistance. This is also the level of a broken uptrend line. A clear break below the 0.7500 level is opening the further downside into 0.7200 in the next weeks. This is a clear downside range break and pullback retest rejection.
NZDUSD
The pair is testing the 0.6950 for a lomg-term uptrend line break lower and an extension into the 0.6700 level. Look for the short trade entries on a daily break below this level.
USDCAD
The pair is breaking above the 1.3050 level of the strong long-term upside resistance and this break is confirmed. Look only for the long trade entries as long as the pair holds above the 1.2950 level.
GBPUSD
The pair needs to break below the 1.3080 level for the downside continuation. Stay away from the trade entries for now.
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. A break below the 6430 will open a further downside.
ETHEREUM-ETH/USD
The instrument is below the 560 level again and we could see a big test of 414 level in the coming days. On a break below the 414 level, we will have high probability short trade entries.
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.