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Technical Focus: DXY, Euro , and Gold Price Levels for Month End

Technical Focus: DXY, Euro , and Gold Price Levels for Month End

2017-03-30 21:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DXY has ripped higher from trendline support (trendline that defined the rally from the 2016 low) and is quickly closing in on its next decision point. The decision point is defined by daily highs and lows in the 100.60s-70s and reinforced by the center of the channel from the 2016 low. Don’t be surprised if this USD holler takes it down a notch.

USD/SEK has me asking questions. The cross failed to confirm the DXY low (below the February low). This non-confirmation is USD bullish and particularly concerning for USD bears because USD/SEK led on the way down (topped in December whereas DXY topped in January). However, the USD/SEK rally failed at the underside of its 2016 support line earlier this month. 8.98-8.90 is a well-defined horizontal price and action at that level might help clear things up.

EUR/USD has dumped and this is the largest 3 day drop since mid-December (which was a low by the way). From here, I’d watch the 100 day average for a response. The average was resistance in November and January and in line with the January 30th spike low at 1.0620.

After spending the better part of 2 weeks trading around resistance (1250), gold is finally starting to come off. 1220 (January 24th high and support on the way up in February) is noted as an important market level. If something bullish is going on from the December 2016 low, then gold probably needs to find support near 1220.

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