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 1255 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 1255.
OIL
The instrument is broke above the 70 level and is testing now the Pitchfork channel line 74.350 level. Look for a reaction form here for the upside continuation or pullback.
DAX
The instrument is testing the 12100 confluence of the long–term uptrend support. Break below this level is required for the downside continuation. The downside support zone is 12100 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 and a break below this level would lead to a test of the strong longterm uptrend confluence support 2610 level
EURUSD
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. As long as the 1.17104 level holds look for another test of 1.15100 level.
USDJPY
Downside continuation will be in play on a daily close below the 109.500. The pair needs to confirm a break above the 110 level to open a further upside continuation into the 112.
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 testing again the median line of the downside Pitchfork channel 0.7350 level. Look for a reaction here. The downside is to be invalidated only on a daily close above the 0.7437 level.
NZDUSD
The pair broke below the 0.6810 level, which is now a downside support, for the continuation into 0.6600 level and lower. The downside will be invalidated only on a weekly close above the 0.6810 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. The uptrend support zone is 1.3050-1.3100.
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.