Weekly Technical Forecast: Where to After a SPX Record, Gold 6-Year High, Dollar Breakdown?
It was a big week for Gold prices as the yellow metal gained almost 6%, extending its four-week-run to as much as 10.7% as global Central Banks pose a passive shift.
The Euro found a bid last week, and on that it is once again flirting with a breakout of a large falling wedge pattern; a confirmed break could send it considerably higher.
Oil prices have rallied more than 9% this week with the advance now testing initial resistance targets. These are the levels that matter on the WTI weekly chart.
The British Pound risks swinging in response to the latest Brexit headlines and speculation over the Prime Minister’s successor. What key technical levels should be watched in spot GBP/USD, GBP/JPY and EUR/GBP?
The Dollar dove this past week following a high-profile Fed rate decision with momentum hitting speeds last seen in February 2018. In the process, it seems key support levels have cracked.
DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.