Trading Outlook: US Dollar, Gold/Silver, Crude Oil & Equity Indices (Webinar)
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In today’s webinar, we took a look at the recent pullback and turn higher in the US Dollar Index (DXY), which suggests that the trend higher could be starting to reassert itself again. For now, we are going with this notion as long as the higher lows and higher highs continue on the daily chart and support levels hold. Moving into the realm of cross-rates, we looked at bearish set-ups in EUR/AUD, EUR/NZD, and a developing set-up in EUR/JPY which has yet to confirm a bias.
Gold is trading up into a zone of critical resistance, and how price behaves around this zone will be important for the outlook on gold. Silver prices have been lagging, still remain in a firm downtrend, will it reassert itself or is a trend change in the works? Still leaning towards lower, awaiting confirmation.
The FTSE 100 rise continues with extreme persistence, but beware of ‘hidden’ resistance around the 7300 line. The DAX is setting up for another move to top-side levels (which are noted). The S&P 500 looks like it is basing for higher prices, but the struggle is very real at the moment. The Nikkei, with a hold of near-term support and turn higher, still has eyes for 20k.
---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.