- A demeanour during a weekly technicals on DXY, AUDUSD, USDCAD Crude
- Review a Foundations of Technical Analysis mini-series
- Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT
In this array we scale-back and take a demeanour during a broader technical design to benefit a bit some-more viewpoint on where we are in trend. We looked during a few of these charts in this week’s Strategy Webinar and streamer into subsequent week, here are a pivotal levels to consider.
DXY Weekly Chart
Notes: The index has reason subsequent slope resistance fluctuating off a 2012 high for a third uninterrupted week and a opinion stays unvaried streamer deeper into Nov trade. “The evident allege stays exposed while subsequent final week’s high with halt support seen during a 2016 low-week annulment tighten during 93.89– a mangle there would be indispensable to advise a some-more poignant near-term high is in place.”
Bottom line: Looking reduce into subsequent week with a mangle subsequent a median-line / 52-week relocating normal indispensable to countenance a reversal. A breach-higher above a together would change a concentration towards topside insurgency objectives during 95.90 corroborated by a median-line (~95.58) and a 50% retracement / 52-week relocating normal during 97.42/60.
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AUD/USD Weekly Chart
Notes: We’ve been tracking this key support connection during 7630 for a few weeks now and Aussie has continues to reason above this threshold into a tighten of a week. We’re still looking for signs of basing here. A mangle reduce would aim vicious support and broader bullish cancellation during 7476with breach above 7735 indispensable to transparent a approach for a incomparable recovery.
Bottom line: The concentration stays opposite this support turn streamer into subsequent week and I’ll be looking for a final dump into 7476 OR a crack above 7735 to advise that a near-term low is in place.
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Notes: Last month we highlighted a pivotal insurgency connection with a topside crack risking, ‘a convene adult towards a 50-line that converges on a 50% retracement of a yearly operation during 1.2927.’ USDCAD rallied to a high of 1.2917 before branch over with a decrease now entrance slope support / 200-week relocating normal around ~1.2530s. The concentration is on this pivotal threshold streamer into subsequent week with a mangle subsequent a forward median-line (blue) indispensable to countenance a incomparable scale annulment in a Loonie.
Bottom line: We’re entrance into near-term support into a tighten of a week, and while we could see a miscarry streamer into a open, I’ll be looking to blur strength while subsequent a Aug highs during 1.2778 targeting a 2012 slope line / 200-week relocating average.
Crude Weekly Chart
Notes: Crude prices pennyless by a critical insurgency section during 54-55 with allege dire aloft this week by long-term slope resistance. The near-term opinion stays constructive while above 54 with topside targets eyed during 59/60 where a 200-week relocating normal converges on a 61.8% ext of a climb and a 38.2% retracement of 2011 decline. Subsequent insurgency objectives mount during a 2015 highs during 62.56.
Bottom line: I’d be looking to blur debility while above a 50-line / 54 targeting a remarkable objectives along a median-line. Broader bullish cancellation for a yearly allege now rests during a 50-handle.
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Previous Weekly Technical Perspectives
- A Weekly Technical Perspective on DXY, GBP/USD Crude
- A Weekly Technical Perspective on AUD, EUR CHF
- A Weekly Technical Perspective on EUR, GBP CAD
– Written by Michael Boutros, Currency Strategist with DailyFX