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The FxPro Analyst Team

Dollar will be the Key this Week

The Dollar Index Future (DXY)

The dollar has rallied from 23rd to 24th Aug helped by the highest level of New Home Sales figure since Oct 2007. On the 4 hourly chart, the dollar index future (DXY) broke the upside major downtrend line resistance at 94.53 on 24th Aug by a long bullish candle. It has been testing the next major resistance level at 94.73 since then.

Keep an eye on the upcoming US economic figures. With positive readings, DXY will likely break the resistance at 94.73. The next resistance level is at 94.85. The next resistance level is at 95.00. While lower-than-expected figures, will likely pull the price back and test the downside support line at 94.60 followed by 94.50.

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The S & P 500 Index (Cash)

The S & P 500 hit new record high at 2193.03 on 15th Aug. On 23rd Aug, the price turned bearish after tested the previous high, breaking the downside uptrend line support, the support line at 2180, and 2175. The bullish momentum has been diminishing, yet the 4 hourly KD indicator is at a low level, suggesting a rebound.

The support line is at 2170, followed by 2167 and 2160.
The upside resistance is at 2175, followed by 2180 and 2186.

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GOLD Spot

The rally of the dollar since 23rd Aug weighed on gold. Gold spot has turned bearish from a consolidation pattern after testing the uptrend resistance level at 1345, broke the support line and 1335.50 and the major support line at 1330.

The downside support line is at 1320, followed by the uptrend line support at 1317.20 and 1310.
The upside newly formed resistance is at 1330, followed by 1335.50.
The daily time frame KD and CCI indicators are all at a low level, be aware of a rebound.

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The DAX Index (Cash)

German IFO Business Climate Index (Aug), German Current Assessment (Aug), and German Business Expectations (Aug) released earlier today all below the previous figures and expectations. The DAX index plunged to 10465.50, from 10534.45, rebounded after tested the downside uptrend line support at 10472. If it is confirmed broken, the trend will likely turn bearish.

The downside support line is at 10485, followed by 10450 and the significant support level at 10400.
The upside newly formed resistance is at 10565, followed by 10630 and 10680.

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NZDUSD

NZDUSD has been oscillating in an uptrend channel since Jan this year. The bullish trend is still ongoing, and the current price is testing the key resistance level at 0.7320.
Keep an eye on the upcoming US economic figures. With positive readings, NZDUSD will likely pullback and test the support level at 0.7278, followed by 0.7250.
While lower-than-expected figures, NZDUSD will likely break the resistance. If it is confirmed broken, the next resistance level will be at 0.7385.

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