Today next week I will explain exactly how to trade DXY, EURUSD, GBPUSD, AUDUSD and XAUUSD.
The dollar index regained significant levels last week, which could trigger further dollar gains.
Similarly, we also saw a material breakdown for pairs such as EURUSD and AUDUSD ahead of Wednesday’s FOMC.
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 regained significant ground last week after dropping more than 2% last week.
The dollar bulls have managed to close the index above the previous year-to-date low of 100.80, which is likely to provide support next week.
However, DXY’s 3-day resistance at 101.25 is something brokers want to see before getting too bullish on the dollar.
A continuous break above 101.25 could open to 102.00 and even 102.80.
Alternatively, the DXY will turn bearish again if it closes below 100.80.
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Eurodollar Forecast
EURUSD is one of the reasons I think we will see more USD strength next week.
Last week the pair finished below the key area of 1.1180 and confirmed a fakeout above that area.
Such camouflage often triggers a long-term move in the opposite direction, implying a fall in EURUSD.
However, Wednesday’s Fed interest rate decision and statement will have a significant impact on the Eurodollar and will likely determine the next big move.
But next week, 1.1170/80 will be resistance, support will come at 1.1070, and the confluence with support will be at 1.0950.
GBP USD Prediction
In my forecast last week, I mentioned the GBPUSD fakeout above the rising channel topside from June.
I was looking for a bounce off the pound and got more than that last week.
The fakeout caused a 280 pips move last week, breaking the 1.3000 level.
As for next week, 1.2850 is likely to trigger a rally, but it seems likely that the 1.2800 channel support will be retested at some point.
GBPUSD holds support above 1.2850, but we will look for shorts next week as last week’s candlesticks look relatively bearish.
AUD USD Prediction
AUDUSD performed well last week, generating a profit of 79 pips on Thursday and Friday.
I shared this entry in real time with a Daily Price Action member.
Last week’s fake out above 0.6800 looks relatively bearish for the AUD.
However, considering the hourly descending channel explained in today’s video, it seems likely that a rally will occur early next week.
A retest of 0.6800 could provide lucrative selling opportunities targeting 0.6700 and 0.6590 next week.
XAUUSD Forecast
XAUUSD (Gold) is an excellent technical market to trade.
I explained the long idea from the $1,900 support and the breakout from $1,940 which is the confluence with the $1,980 target.
Last week, when gold entered resistance at $1,980, I told DPA members that a rally was likely.
From here, we believe XAUUSD is most likely to stay within the $1,980-$1,940 range.
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