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