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Tech Outlook Ahead of and Beyond NFPs: DXY, EURUSD, Gold, SPX & More

Tech Outlook Ahead of and Beyond NFPs: DXY, EURUSD, Gold, SPX & More

2017-01-06 11:46:00
Paul Robinson, Strategist
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You can join Paul every Wednesday and Friday at 10 GMT for "London FX & CFD Trading". See the DailyFX Webinar Calendarfor the full schedule.

In today’s webinar, we did a quick NFP preview, but looked at several charts of interest which extend beyond the NFP game-plan. The US dollar has made a sudden turn lower after the DXY pushed to new 14-yr highs. The near-term technical structure suggests more room to the down-side, which following today’s NFP release could be the case.

The Euro has overtaken some key levels the past couple of days and looks headed higher. AUD/USD and NZD/USD have been eyed as potential shorts, but for now holding off as general dollar weakness isn’t supportive of this idea. USD/JPY is in a precarious spot as it hangs out around 116.

Gold has rebounded quite strongly in recent trade and looks headed towards the 1190/1200 area in the very near future. How it responds upon reaching this zone, if it does, will be key moving forward. Silver is also bumping higher, but not with the same vigor as gold; resistance clocks in around the 17 line.

WTI crude oil is a choppy market right now, but leaning higher as long as support not far below in the ~51/52 area.

Global equity indices are holding their bids, looking poised for higher prices at this time. The Nikkei 225 has its eyes on the 20k mark. The DAX is consolidating well so far in recent trade. Top-side levels could soon be tested. The FTSE 100 has been extremely persistent, and should it retreat a bit there is support at its old record highs not far below at just above 7100. The S&P 500 appears to be building a base from which it could carve out new record highs soon.

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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.

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