Wednesday, 24 July 2019 09:10 GMT

Weekly Trade Levels for Euro, Loonie, Aussie, Gold, Crude Oil & More

(MENAFN - DailyFX) Technical trade setups we're tracking into the start of the week Check out our New 2019 projections in our Free DailyFX USD Trading Forecasts Live Weekly Trading Webinars on Mondays on DailyFX at 8:30ET New to Forex Trading? Get started with this Free Beginners Guide

Euro, DXY, Aussie & Kiwi Testing Range Extremes The majors have continued to hold broader consolidation / congestions patterns with numerous setups starting the week at-or-near range extremes. While the broader trends remain elusive, the levels are clear and heading into the start of the week the focus is on a reaction off these key thresholds. In this webinar we review updated technical setups on DXY , EUR/USD , AUD/USD , USD/CAD , EUR/NZD , NZD/USD , Gold , Crude Oil (WTI) , GBP/USD , AUD/JPY and SPX.

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Key Levels in Focus DXY Focus is on support at 96.84 backed by 96.63 (near-term bullish invalidation) Key resistance steady at the 2018 high-week close at 97.42 and the key 61.8% retracement at 97.87

EUR/USD Initial resistance at 1.1321 backed by 1.1347- look for a bigger reaction there IF reached. Initial support at 1.1285 with near-term bullish invalidation at 1.1250.

USD/CAD Focus is on a reaction at key support early in the week at 1.3298-1.3307. Initial resistance at 1.3384/87 with 1.3435/37 still critical. A downside break exposes 1.3234/48(broader bullish invalidation).

Gold Price it is testing January trendline support (consolidation) Near-term risk is lower sub-1291 with support eyed at 1280 backed by 1275/76- look for a bigger reaction there If reached. A topside breach looks to challenge 1300.

Crude Oil Focus is on key critical confluence resistance at 63.68-64.40 weekly close above is needed to keep the long-bias viable targeting 65 and beyond. Interim support at the 200DMA ~61.09backed by bullish invalidation at 60.06.

For a complete breakdown of Michael's trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Key Event Risk This Week Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups: Aussie Price Outlook: Australian Dollar Breakout Faces First Test Canadian Dollar Price Outlook: USD/CAD Eyes Breakout as Loonie Coils Gold Price Outlook: XAU Reversal Targets Consolidation Resistance Euro Price Outlook: EUR/USD Trade Levels Ahead of ECB Sterling Price Outlook: Pound at Key Support as Brexit Saga Continues Learn how to Trade with Confidence in our Free Trading Guide

---Written by Michael Boutros , Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex


Weekly Trade Levels for Euro, Loonie, Aussie, Gold, Crude Oil & More

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