(MENAFN - DailyFX) Technical trade setups we're tracking across theUSDMajors / Commodities this week Check out our New 2019 projections in ourFree DailyFX USD Trading Forecasts Live Weekly Trading Webinars onMondays on DailyFX at 8:30ET
New to ForexTrading? Get started with thisFree Beginners Guide
US Dollar Eyes Resistance - Gold / Silver Prices Threaten Pullback
TheUS DollarIndex is approaching key resistance targets ahead of this week's Economic Symposium in Jackson Hole. The focus remains on possible exhaustion heading into uptrend resistance levels just higher. While the levels are clear heading into the weekly open, momentum profiles remain flat and we're looking for a catalyst to get things going – stay nimble here. In this webinar we review updated technical setups onDXY ,EUR/USD ,USD/CAD ,GBP/USD ,Gold (XAG/USD) ,Silver (XAG/USD) ,Oil (WTI) ,USD/JPY ,SPX (S & P 500) ,GBP/JPY ,EUR/JPYandEUR/AUD .
Why does the average trader lose?Avoid these Mistakes in your trading
Key Trade Levels in Focus
DXY– The Dollar rally is approaching key resistance targets at 98.27/40 – we're looking for a reaction there early in the week. Initial support at b with near-term bullish invalidation raised to 97.87.
EUR/USD– Price tested monthly open support late seek at 1.1075. Near-term resistance at 1.1138/43 – a breach there is needed to suggest a more significant low is in place. A downside break inEuroexposes 1.1027.
USD/CAD– The near-term structure is questionable but we're looking for possible topside exhaustion – levels of interest at the slope confluence near ~1.3320s and the 61.8% retracement at 1.3355. Monthly open support rests at 1.3190.
Gold–XAU/USD reversed off critical resistancelast week at 1522/26. Initial support at 1497 backed by 1482. Weekly open resistance at 1512- look for a hold there IFgold pricesare going to correct lower. A topside breach exposes 1557.
For a complete breakdown of Michael's trading strategy, review hisFoundations of Technical Analysis series on Building a Trading Strategy
Key Event Risk This Week
Economic Calendar- latest economic developments and upcoming event risk
Learn how to Trade with Confidence in our Free Trading Guide
---Written byMichael Boutros , Currency Strategist with DailyFX
Follow Michael on Twitter@MBForex