Technical Analysis – Weekly Market Outlook 7 – 11 September 2020

CFD: S&P 500 Index

Price is holding strong bounce back towards inside channel lower line key level support and technically we are looking at uptrend channel
Targeting price to climb back and moving towards median line resistance level

Cryptocurrency: BTCUSD – BITCOIN

Price to drop further lower as price breaking below the key level support lower line.
Confirmation of trading out of the box and targeting to retest key level support below $9,000 towards $8,500

CFD: WTI – US Oil

Trend is strong bearish after a fall below $40 per barrel and we are looking at a further drop towards fibo 3.82 key level support

CFD: DXY – US Dollar Index

US Dollar remain strong & closed the week with gains against most major rivals, last Friday NFP US employment figures recovered 1.37 million jobs in August.
Unemployment rate improved to 8.4% better than previous 10.2% and Labor Force Participation Rate increased by 61.7%.

Technically, price is entering into uptrend channel pitchfork and short-term trend is bullish , targeting price movement would head towards median line key resistance level for another retest.
We are still looking at long-term range trading at the moment.

CFD: XAUUSD – SPOT GOLD

Price is breaking out of the line and we are looking at continuation of bearish trend towards fibo key level support 3.82
Trend is on the sideline but high probability opportunities price to further drop lower if fail to climb above the uptrend pitchfork channel

FOREX: EURUSD

We are looking at price to break further lower as trend is showing out of the box pattern a reversal of trend towards bearish
Targeting price to hit and retest key level support around 2.618 fibo 1.17500

FOREX: GBPUSD

Price is getting out from the box and looking at strong bearish trend towards to retest key level support at 2.618 fibo
Current strong US Dollar comeback would take