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Technical Perspective: DAX, USD, Gold/Silver & More

Technical Perspective: DAX, USD, Gold/Silver & More

2016-12-07 12:06:00
Paul Robinson, Strategist

To join Paul for Friday’s (12/9) webinar, you can sign up here. For a full list of upcoming live events, see our webinar calendar.

In today’s webinar, we took a look at the US dollar and a potentially bearish pattern set-up as it flirts with sustaining trade back below the prior highs made in 2015. EURUSD put in a massive reversal bar at important 2015 levels which points to potential for more upside follow-through. AUDUSD and NZDUSD are both wedging up on the 4-hr time-frame and could soon offer up opportunity. USDJPY is trading at resistance and flirting with breaking its short-term trend structure. We also took a look at EURAUD and EURGBP. We are looking for lower prices in the former and higher in the latter.

Gold and silver are still poorly postured, but a weaker dollar may help give them a boost, or keep them afloat at the least. They have their work cut out for them if they are to rally, so we are in a holding pattern for the most part on precious metals.

WTI crude oil is trading just below major resistance around 52, and so weakness here is not to be unexpected. There is support in the $49.20/50 area.

Today, the DAX is working on a major breakout above peaks created on four occasions since August. A successful breakout and hold of former resistance as support will point towards higher prices in the weeks ahead. The CAC 40 is leading the charge higher in Europe, having broken out yesterday. The FTSE 100 held neckline support in recent sessions and is attempting to negate the potentially bearish implications of a multi-month ‘head-and-shoulders’ pattern. The S&P 500 continues to look good, with seasonality favorable.

For full details and considerations, please see the video above...

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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.