Weekly Technical Forecast: Key EURUSD, Nasdaq and Crude Oil Breaks Need Follow Through
We have experienced a number of key technical breaks just this past week alone. The Dollar broke to a near two-year high, the Nasdaq revived its charge to record highs and crude oil has put in for a tentative reversal. Of these moves are technical dynamite, but such breaks in an artificially low volatility environment should draw serious scrutiny as we await genuine follow through.
The price of crude oil fell hard at the end of the week, but all hope is not lost for bulls despite ominous technical clouds forming overhead.
The Dollar is testing confluence resistance at fresh yearly highs and leaves the immediate price advance vulnerable. Here are the levels that matter on the DXY weekly chart.
The S&P 500 trades narrowly beneath its all-time high which has offered resistance while the DAX faces resistance at a key Fib level.
The Bank of England (BoE) interest rate decision may curb the recent decline in GBP/USD should the central bank endorse a hawkish forward-guidance for monetary policy.
Gold prices earned a meaningful recovery through the second half of this past week, charging the best week’s climb in three months. Similar moves of this scale have triggered bull phases recently, but does that hold here?
See how retail traders are positioning in the majors using the IG Client Sentiment readings on the sentiment page.
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