To attend the next webinar on Friday, November 18 at 10 GMT you can register here. To view a list of all of our daily webinars offered, please check out our webinar calendar.
Today, we took a look at short-term charts of several currency pairs, precious metals, crude oil, as well as equity indices. The US Dollar Index (DXY) is approaching a crucial point as it reaches towards those highs from December. It’s been a wild rip from support in the 96s to the point where it is today over 100. Are we due for a pullback or consolidation from around those multi-year highs? Today we focused on EURUSD, GBPUSD, AUDUSD, and NZDUSD while glancing at some of the other pairs.
Precious metals continue to look quite soft and sit below old support levels turned resistance. Both gold and silver don’t have much support keeping them from dropping down a bit more towards 1200 and 16, respectively. Crude oil is operating in its own little world at the moment, a pullback looks like it could lead to at least another leg higher to a retest of the broken February trend-line.
Looking at equity indices, the DAX is sitting just below strong resistance. We are not buyers into resistance, but have yet to have good reason to be a seller at the moment. A possible short-term wedge could be forming to help shape our near-term outlook. The FTSE has been relatively weak in light of other global indices surging higher, but still maintains trend-line support. We will continue to watch for further clues there, but could soon have them. Finally, US indices are on their own paths in terms of how the recent rally has played out. The Dow and Russell 2000 are in full-on bull mode, while the Nasdaq is quite heavy and the S&P 500 looks ahead to resistance up to the record highs.
---Written by Paul Robinson, Market Analyst
To receive Paul’s analysis directly via email, please sign up here.
You can follow Paul on Twitter at @PaulRobinonFX.
