Today next week I will tell you exactly how to trade DXY, EURUSD, GBPUSD, USDCAD and XAUUSD.
DXY suffered its biggest drop in 2023 last week, while EURUSD and GBPUSD enjoyed bullish breakouts beyond key territory.
We also saw a breakout above $1,940 with USDCAD rebounding from the 2021 trendline I mentioned.
Today’s video covers all of that, including key levels and next week’s goals.
Let’s get started!
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US Dollar Index (DXY) Forecast
DXY broke the year-to-date low of 101.00 last week.
This level held as support from February to April, making last week’s US dollar breakdown very important.
Next week’s major DXY support comes at 99.30, the previous range high since 2022.
101.00 is a new resistance for the USD index, but a bullish return to it in the next few days would be bullish for the USD.
I am bearish on DXY while it is below 101.00 on the higher timeframes.
Eurodollar Forecast
EURUSD saw its biggest gain in a week last week, posting a staggering 260 pips.
We caught EURUSD long from 1.0970 with a target of 1.1140 in the Daily Price Action members area.
Here’s the members-only setup I posted on Monday:
This was a profit of 160 pips for members and EURUSD didn’t stop there.
1.1180 will be a mandatory support area for the bulls over the next week.
A continued breakback below the region would be bearish for the EURUSD as it would indicate that this recent move is a fake out.
A bullish move from 1.1180 next week could extend the rally to 1.1320.
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GBP USD Prediction
GBPUSD also made a significant gain last week on the back of the DXY collapse.
The pair is trading above the critical 1.3000 level, which the bulls will have to hold.
Given Friday’s intraday price action, a return to the 1.3000 support area seems likely earlier this week.
From there, GBPUSD will need to rise above that level to maintain pressure towards 1.3170.
Alternatively, 1.2850 may be published if it remains below 1.3000.
USDCAD Forecast
USDCAD is another currency set for the DPA trading group last week.
I announced a short setup in a members-only video on Monday when USDCAD was trading at 1.3280 with a target of 1.3100.
I also posted this to members shortly after the collapse.
This 4-hour breakdown caused a 180 pips drop from USDCAD.
The pair reached its target of 1.3100 on Thursday and rallied sharply on Friday after hitting a weekly low of 1.3093.
Whether USDCAD can sustain Friday’s rally depends heavily on DXY.
The trendline from May 31st will also be important for USDCAD next week.
This is a case where the highest confidence trade may not develop until we see what happens to DXY around the 101.00 handle.
XAUUSD Forecast
XAUUSD (Gold) has broken out of the $1,940 area mentioned several times in recent videos.
This has flipped to a must-have level for the XAUUSD bulls, and a sustained break below it would be bearish for gold.
A fall to $1,940 next week will target the mid-range of $1,960 and highs in the $1,980s, which could present a lucrative buying opportunity.
However, given the negative correlation between the dollar and gold, DXY plays a role here.
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