Weekly market overview Forex, CFD’s, Cryptocurrency- 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. Weekly identified support is 93.50-94 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. The instrument has broken below the 1255 level and we could see a test of the important 1228 level.
OIL
The instrument has broken 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. An inside bar could lead to a pullback into the 68-70 zone. We have a pullback. The support zone now is 64-66.
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 12400-12600.
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. Only a close above the 2760 level now 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
The pair is reversing from the 1.15055 level again. As long as this level is not broken we could see a test of 1.18390 level. This level is the upside resistance before a 1.20000 level. Consolidation around the key long-term 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 110.550 level to open a further upside continuation into the 112. We have a break above the 111.500 and the extension into the 113 level. The strong upside resistance zone is 112.500-113.500.
AUDJPY
The pair is in the consolidation between 80 and 84 level. Stay away from the trade entries here. A daily close below the 81.500 level is required for the downside continuation and a higher 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 and above this level we could see a test of 0.7500 level.
NZDUSD
The pair broke below the 0.6840 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 0.6840 level. A weekly close below the 0.6780 level is calling for more downside.
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 and it is holding for now opening a higher probability long trade entries.
GBPUSD
The pair needs to break below the 1.3080 level for the downside continuation. So far we have the bounce off this level. As long as the 1.3080 level holds we could see the upside pullback into the 1.3570.
Bitcoin
The instrument is reversing lower from the 9750 level for an extension into the 6000 level again. The key downside support now is 7000 level on this pullback from the 5500 level. As long as the 7000 level holds look for more downside.
ETHEREUM-ETH/USD
The instrument is below the 560 level and is pulling back again to this level after the 400 level test and bounce. As long as the 560 level holds look for the downside continuation.
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.