Trading Outlook: EUR/USD, S&P 500, DAX, Silver & More (Webinar)
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In today’s webinar, we took a look at a few asset classes and short-term trading outlook. We started off by looking at the US Dollar Index (DXY) which is thus far holding onto key long support, and poised to potentially continue its mid-week turn higher into next week. If this week’s lows are broken, though, then we could see a quick unraveling of the dollar. EUR/USD is front and center as the play on the dollar.
Gold and silver prices are both coming off their weekly highs along with the USD rebound. Silver turned lower from the very important zone just over the 17 mark, while gold is trying to maintain the 1190/1200 support area. Pivotal spots for those metals.
Crude oil looks like it is putting in a rounding top on the daily, but the short-term outlook is becoming blurred as choppy trading consumes the market landscape. We’ll revisit when we have more clarity.
The S&P 500 remains in a holding pattern, looking for higher prices as long as 2248 holds on any attempt to break lower. The DAX, like the S&P, is also looking poised for further gains. It is consolidating nicely and at some point it should breakout and test top-side levels over 11800/11900. The CAC is dipping back into and holding support. The FTSE 100 came off hard from a pair of top-side trend-lines; looking for a decline to unfold down to the old record highs before possibly finding support.
For full technical 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.