Weekly technical analysis: DXY, EUR/USD, GBP/USD and more
|Dollar Index (DXY)
- Current Structure: Bullish MS with a clean 4H FVG mitigation in progress.
- Liquidity: Buy-side above is intact and unswept.
- Draw: Liquidity above July 1st swing high (Buy-side Liquidity labeled).
- Note: Price may dip to refine the yellow FVG before continuation.
Bias: Bullish. Looking for continuation toward 98.20.
EUR/USD
- Structure: Bearish with clean Equal Relative Lows (ERL) + FVG below.
- Liquidity: ERLs resting at 1.16600–1.16700 zone → prime for sweep.
- Daily OB: Still unmitigated around 1.15500
- Scenario: FVG chain into deeper OB (Mentorship 2022 Scenario).
Bias: Bearish to 1.15500 zone. High conviction setup.
GBP/USD
- Structure: Bullish rebound off Daily OB.
- Liquidity: Sell-side swept below July 10th.
- Reaction: Bullish structure forming off the Daily OB + large 4H range.
- Target: Buy-side at 1.36200s.
Bias: Bullish. But prefer confirmation during NY session for entry.
AUD/USD
- Structure: Bullish with recent displacement.
- Liquidity: Still resting below unmitigated OB (around 0.65500).
- FVG: Mitigation zone at 0.65700 (being tested).
- Note: Minor ERL liquidity at the top. Deeper retrace possible.
Bias: Bullish with possible deeper pullback to 0.6550 OB.
Let it pull back before entering.
Gold (XAU/USD)
- Structure: Bullish, recent shift confirmed.
- Breaker (BRK): Clean zone around 3315–3340.
- Liquidity: ERL above 3440 untouched.
- Ideal Scenario: Pullback to yellow BRK → NY continuation.
Bias: Bullish with retracement entry from BRK. High probability trade.
US100 (NASDAQ CFD)
- Structure: Bullish range developing.
- Liquidity: Equal Highs forming around 22900.
- Breaker: Clean rejection from 22400s BRK if price dips.
- Comment: Could offer continuation if NY opens with pullback.
Bias: Bullish, but NYAM confirmation needed.
Top two setups for today
1. EUR/USD – Sell Into Daily OB
- Entry: After sweep of current 4H FVG or retest of ERL.
- Trigger: NYAM killzone ideal. Watch for BOS on 1H or 15m.
- Target: 1.15500 (Daily OB zone).
- Scenario: ERL sweep + FVG mitigation → continuation.
2. GOLD (XAU/USD) – NY Pullback Long
- Entry: Pullback into yellow BRK zone (3315–3340).
- Trigger: 15m confirmation or BOS during NYAM.
- Target: 3440 ERL area.
Final tactical notes
- DXY Bullish confirms USD strength bias → EUR/USD ideal for short.
- GOLD offers high precision long with BRK support.
- GBP/USD and NAS100 are valid, but second-tier today due to entry uncertainty.
- AUD/USD: Don't buy highs. Let it return to OB.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.