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  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
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  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
Dow Jones, DAX & Commodity Technical Outlook | Video

Dow Jones, DAX & Commodity Technical Outlook | Video

2019-11-20 13:00:00
Paul Robinson, Currency Strategist

The Dow Jones had a hint of weakness yesterday, but nothing too pervasive as the trend continues to be quite strong. Even as such, though, there is room for a decline as the market is a bit extended right now. There is a steep trend-line rising up from the October low, but may not be sufficient to keep price supported.

The top-side trend-line from January 2018 is the targeted objective on weakness, and depending on how price action plays out it could be a spot for dip-buyers. A gradual pullback will be viewed as bullish, needing a strong move lower to rev up the motor for shorts.

Dow Jones Daily Chart (on a pullback watch 2018 t-line as support)

Dow Jones, DAX & Commodity Technical Outlook | Video

Dow Jones Chart by TradingView

Yesterday, the DAX was trading above a high and tight consolidation pattern before reversing course and posting a bearish reversal that signaled a fake-out breakout. This set it up for today’s weakness which has the market below the bottom of the recent range. There is support, however, rising up via the slope off the December low. This may keep the market held up, but if it doesn’t then look for weakness to continue towards sub-13000, a gap-fill at 12961.

DAX Daily Chart (fake-out sets up weakness)

Dow Jones, DAX & Commodity Technical Outlook | Video

DAX Chart by TradingView

Crude oil took a bit of hit yesterday, which has price sitting on a minor level of support. A breakdown could have the US & UK contracts reeling towards support levels from the months before. For more in-depth commentary check out this morning’s piece – Crude Oil Price Outlook: Bears Show Teeth, Technical Break Near Confirmation.

Gold is coming off support under 1450, but not doing so with a whole lot of strength yet. This could set it up for another round of selling soon towards the lower parallel of a bull-flag that has been building since topping in September at key levels from the 2011/12 topping process.

For the full set of technical details and charts, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


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