Dollar Hits Resistance: EURUSD, GBPUSD & Gold Price Charts - DailyFX
Dollar Hits Resistance: EURUSD, GBPUSD & Gold Price Charts - DailyFX |
- Dollar Hits Resistance: EURUSD, GBPUSD & Gold Price Charts - DailyFX
- DAX 30 & CAC 40 Charts: Eyeing Support Test on Further Weakness - DailyFX
- Gold Price Outlook: XAU/USD Breakout Imminent - FOMC, NFP on Tap - DailyFX
- Canadian Dollar Forecast: USD/CAD Price - Risk of a Possible Reversal - DailyFX
| Dollar Hits Resistance: EURUSD, GBPUSD & Gold Price Charts - DailyFX Posted: 30 Jul 2019 05:17 AM PDT The U.S. Dollar Index (DXY) is positioned is trading at a solid level of resistance with FOMC and NFPs this week. The Euro is holding ground at support, but can it last? GBPUSD is below long-term trend-line support but may have a bounce in it soon. Gold price is holding onto support, but needs to stay there or start moving higher else it risks a pattern reversal that could lead to a swift down-move Technical Highlights:
For forecasts and educational guides, check them out on the DailyFX Trading Guides page. U.S. Dollar Index (DXY) trading at solid resistanceThe U.S. Dollar index is trading into resistance from April and May, over the 98-threshold. Heading into tomorrow's FOMC meeting it could mark an important spot (to a lesser degree of importance, NFPs are on Friday). The pattern has been for extended moves (even smallish ones) to reverse, especially at levels. This makes it a tricky spot in time and price. In a holding pattern for now. US Dollar Index (DXY) Daily Chart (at big resistance) EURUSD holding onto support for nowThe Euro posted a Long-legged Doji at support over 11100, which is keeping it afloat for now. A bounce may develop, but skeptical on how much power it can have given the general trend/tone. An eventual breakdown seems to be nearing, but need to clear through underside levels and trend-lines down to sub-11000 before momentum can kick in. EURUSD Daily Chart (gunning for 11100 or worse) GBPUSD trading below long-term trend-lineCable is trading below the October 2016 trend-line, working towards lows create in 2016/17. The shot lower form the falling wedge could have gone too far too fast, watch for a snapback soon. Risk/reward from either side of the tape isn't particularly appealing for new positions. GBPUSD Daily Chart (Oct '16 t-line broken) Gold price still holding onto supportGold price is trying to lift off the top-side trend-line of a wedge it recently broke down from, breaking out of a smaller wedge that was just built on top of the top-side trend-line. Support is support until it's not. But a breakdown below the underside trend-line of the broader wedge would be reason to look for gold to go in reverse, and quite possibly with a good amount of force. Gold 4-hr Chart (breaking out of wedge on top of wedge) Resources for Forex & CFD TradersWhether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex. ---Written by Paul Robinson, Market Analyst You can follow Paul on Twitter at @PaulRobinsonFX  |
| DAX 30 & CAC 40 Charts: Eyeing Support Test on Further Weakness - DailyFX Posted: 30 Jul 2019 02:31 AM PDT DAX 30/CAC 40 Technical HighlightsFor fundamental and technical forecasts, trade ideas, and educational guides, check out the DailyFX Trading Guides page. DAX may soon test December uptrend lineThe DAX was tossed last week following the ECB meeting, selling off aggressively after trying to trade to its best levels of the year. So far, this has led to downside follow-through in the absence of dip-buyers. There is immediate trend-line support from the June low, but a more important trend-line may soon be tested. The trend-line rising up from the December trough (significant swing-low) and running under the June low (bottom of largest correction this year) is not too far away. At this time it is also in confluence with the July low at 12172. This isn't 'the' line-in-the-sand, there really isn't one to speak of, but the December trend-line does offer an interesting spot for 'would-be' longs as well as those looking to bet against this year's trend. A solid turn off support keeps the trend intact, while a break opens up a path for lower prices. DAX 30 Daily Chart (December t-line may soon come into play) CAC back in congestion, at risk or failureThe CAC consolidated for most of the month before gapping higher and reversing at the 2018 high on the ECB meeting. The reversal out of a congestion pattern has the accumulation sequence at risk of leading to a downside failure. A solid break below 5533 should have the CAC rolling lower towards the December/June trend-line. Like the DAX, it will be a good test of trend. If the bottom of the consolidation pattern holds, then more chop and a possible move higher could eventually develop. CAC 40 Daily Chart (falling back inside consolidation pattern) Want to learn more about trading the DAX? Check out 'How to Trade the DAX', and join me weekly for technical updates in the Indices and Commodities webinar. Forex & CFD Trader ResourcesWhether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex. ---Written by Paul Robinson, Market Analyst You can follow Paul on Twitter at @PaulRobinsonFX  |
| Gold Price Outlook: XAU/USD Breakout Imminent - FOMC, NFP on Tap - DailyFX Posted: 30 Jul 2019 08:31 AM PDT Gold prices have continued to coil just below long-term technical resistance with major event risk on tap into the close of July trade. These are the updated targets and invalidation levels that matter on the XAU/USD charts heading into FOMC / NFP / August open- buckle up! Review this my latest Strategy Webinar for an in-depth breakdown of this Gold trade setup and more. New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide Gold Price Chart - XAU/USD Daily Technical Outlook: In my latest Gold Price Outlook we noted that XAU/USD advance was, "vulnerable below this level (1433) near-term with monthly open support eyed at 1409." Price marked an outside-day reversal the following day with the high registering at 1433 before turning. The decline failed last week just ahead of the July open (low registered at 1411) and despite the recent rebound, the immediate focus remains on a break of the 7/25 daily range. Daily support steady at 1409 with near-term bullish invalidation raised to 1400. A break / close below the 38.2% retracement of the yearly range at 1381 would ultimately a suggest a larger correction is underway. Topside resistance unchanged at 1451 – a breach / close above is needed to mark resumption of the broader breakout targeting 1483. Gold Price Chart- XAU/USD 120min Notes: A closer look at gold price action shows XAU/USD holding just above basic trendline support extending off the 7/9 low. Initial resistance at 1433 backed by 1437- both levels of interest for possible topside exhaustion / short-entries IF reached. Weekly open support rests at 1418 with a break below the July open at 1409 needed to assert a larger move. Why does the average trader lose? Avoid these Mistakes in your trading Bottom line: Gold prices remain vulnerable heading into major event risk later this week with the FOMC interest rate decision and US Non-Farm Payrolls on tap into the monthly open. From at trading standpoint, looking for possible exhaustion on a stretch into 1433/36 for guidance- IF that holds, expect a larger decline before resumption of the broader advance. Ultimately, a larger correction may offer more favorable long-entries closer to trend support. Review my latest Gold Weekly Technical Outlook for a longer-term look at the technical picture for XAU/USD prices. For a complete breakdown of Michael's trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy --- Active Trade Setups- Written by Michael Boutros, Currency Strategist with DailyFX Follow Michael on Twitter @MBForex  |
| Canadian Dollar Forecast: USD/CAD Price - Risk of a Possible Reversal - DailyFX Posted: 30 Jul 2019 06:02 AM PDT USD/CAD Price Outlook
Have you checked the Q3 USD and Gold forecasts download for free main currencies and commodities trading guides. USD/CAD – Hesitant BuyersOn Friday,USD/CAD rallied and rebounded nearby the 1.3200 handle, printing its highest level in over four weeks. However, the price slipped back then closed with a bearish Doji pattern, indicating to a possible reversal move. Last week, the Relative Strength Index (RSI) crossed above 50 however, the oscillator remained flat this week, reflecting the buyer's loss of momentum. Having trouble with your trading strategy? Here's the #1 Mistake That Traders Make USD/CAD DAILY PRICE CHART (FEB 1, 2017 – July 30, 2019) Zoomed Out USD/CAD DAILY PRICE CHART (June 7 – JULY 30, 2019) Zoomed In Looking at the daily chart, we notice on Friday USDCAD failed to close above the low end of current trading zone 1.3166 – 1.3224. Yesterday, the price repeated its failure to close above the low-end emphasizing buyer's weakness to keep rallying the price. Hence, another close below the low end today may increase the likelihood of the price falling towards 1.3126. However, the weekly support level marked on the chart needs to be considered. See the chart to know more about the lower trading zone and the weekly support area to watch in a further bearish scenario. On the flip-side, a close above the low end may lead the price towards the high end. However, the weekly resistance level underlined on the chart needs to be watched closely. See the chart for to know more about the higher trading zone with the weekly resistance level to consider in a further bullish scenario. Just getting started? See our Beginners' Guide for FX traders USD/CAD Four-HOUR PRICE CHART (JUly 18 – JuLY 30, 2019) Looking at the four-hour chart, we notice yesterday USD/CAD broke below the uptrend line originated from the July 22 low at 1.3040. Since then, the price has not been able to trade above this line. This suggest the pair may be heading towards 1.3103 contingent on remaining below the uptrend line. Further bearish move below this level could send the price towards 1.3064. Although, the weekly support underlined on the chart needs to be monitored. See the chart to know more about the key support levels sellers may consider below mentioned levels. It's worth noting that, USDCAD could rally above the aforementioned uptrend line however, it may rebound around the July 26 high creating double top pattern where the neckline resides at 1.3148. Finally, if the pair breaks above 1.3215 this could lead the price towards 1.3250 contingent on clearing the high end of the aforementioned trading zone. See the chart to find out more about the significant resistance levels if the rally continues above mentioned levels. Written By: Mahmoud Alkudsi Please feel free to contact me on Twitter: @Malkudsi  |
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