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  • The British Pound has bounced off its low against USD while it’s trapped in wide ranges against the EUR and CHF. How long will GBP be tied to its Continental Europe constituents? Find out here:https://t.co/xs3EMWWIom https://t.co/aHXoGbOBKq
  • (Weekly Fundy) Australian Dollar Outlook: AUD/USD Back on the Offensive as Covid Restrictions Ease #AUD $AUDUSD #Covid https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/10/16/Australian-Dollar-Outlook-AUDUSD-Back-on-the-Offensive-as-Covid-Restrictions-Ease.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/sGSPXKQyne
  • The Australian Dollar is seemingly back on the offensive as lockdowns ease in Sydney and Melbourne. Improving sentiment may allow AUD/USD to capitalize on rising equities and commodity prices. Get your weekly $AUD forecast from @ddubrovskyFX here: https://t.co/JDhqHY9OW1 https://t.co/JyLUT4cNnF
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  • GBP/USD extends the advance following the US Consumer Price Index (CPI) to trade to a fresh monthly high (1.3773). Get your $GBPUSD market update from @DavidJSong here:https://t.co/DwKsABI9fZ https://t.co/6wni0J5ZM5
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  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.55% 🇳🇿NZD: 0.52% 🇨🇦CAD: 0.06% 🇨🇭CHF: 0.03% 🇪🇺EUR: 0.02% 🇯🇵JPY: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZWwEzFX2bY
  • The S&P 500 closed out the week in style, making a clear break above trendline resistance. Eyes now shift to the bulk of earnings season $SPX $SPY $ES_F https://t.co/4igMPafh0q
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Silver: -0.83% Gold: -1.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iKG3lJuWba
USD, S&P 500 & More – Charts For Next Week

USD, S&P 500 & More – Charts For Next Week

Paul Robinson, Strategist

Technical Outlook:

  • US Dollar Index (DXY) coming off trend support
  • S&P 500 turn down was unusually strong for a correction

The US Dollar Index (DXY) shot higher yesterday as risk-off gripped risky assets amidst renewed uncertainty with the coronavirus and the economic outlook. The bounce is coming off a trend-line running higher since 2018, and if the momentum is any indication the bounce could quickly morph into a rally. Look for the 95.72 low to hold for more upside towards the 200-day MA and higher to develop. A break below the low and trend-line will put even more pressure on the Dollar, with DXY 94.65 eyed as the next level of support.

US Dollar Index (DXY) Daily Chart (coming off trend support)

DXY daily chart

DXY Chart by TradingView

The S&P 500 got crushed yesterday. It was the type of turn after a rally that suggests that there is more from where that came from. The SPX closed the day below the 200-day and will begin today trading just above it; watch how this tug-of-war plays out. The thinking is we will see more weakness in the week ahead, with potential for a move to the May 14 low in the cards in the not-too-distant future. If the market can manage to stabilize and turn higher quickly, it is possible it was a one-off event, but that doesn’t look very likely at this time.

S&P 500 Daily Chart (sharp turn likely means more selling)

S&P 500 daily chart

S&P 500 Chart by TradingView

For all the charts we looked at, 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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