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Charts & Set-ups: DXY, AUDUSD, Gold/Silver, SPX & More (Webinar)

Charts & Set-ups: DXY, AUDUSD, Gold/Silver, SPX & More (Webinar)

To sign up for Friday’s webinar at 10 GMT, please follow this link.

In today’s webinar, we took a look at initial price movements to start January and where several markets could be headed over the near-term.

The US Dollar Index (DXY) is still holding up in a potential consolidation pattern. Until it breaks down below the 12/30 low, the outlook is currently neutral to bullish; EUR/USD in reverse. AUD/USD and NZD/USD both have top-side resistance zones we will be watching for clues of reversing lower in line with the broader trend.

Precious metals have experienced a pop higher during the recent dollar range, with gold looking like it wants to potentially test the 1190/1200 zone. Silver is rallying, too, and has resistance ahead around 17. A return to a trend lower could be in order once a relief rally fizzles out.

Crude oil is on the verge of pushing back into a thicket of levels in the 51/52 area. How it responds there will be big. A hold and the trend higher remains intact, but a failure could see oil falling several dollars without any meaningful support not arriving until the 47/45 area.

Stock markets are seeing some early strength for the most part, a continuation of the general trend during Q4. The Nikkei is staring at 20k; DAX looking at several levels from 2015; FTSE 100 in record high territory; and the S&P 500 trying to move to its own new record levels after a dip during the final days of 2016.

For further considerations, please see the video above.

Each week we hold live events covering a range of topics and markets, see our Webinar Calendar for details.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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