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Technical Take: US Dollar, Gold/Silver, S&P 500, DAX & More (Webinar)

Technical Take: US Dollar, Gold/Silver, S&P 500, DAX & More (Webinar)

2017-01-25 13:50:00
Paul Robinson, Strategist

Paul holds webinars on Wednesday, Thursday, and Friday each week, for sign-up details and a full schedule of all other live events, please see the Webinar Calendar.

In today’s webinar, we took a look at a few asset classes, but placed a lot of focus on the posturing of the US dollar. The DXY has been dripping lower for most of the month, and with it now testing very important support levels it’s at a point where the grind lower could lead to longs buying into weakness throwing in the towel. Or, a rally will start to develop very soon.

We are focused on the follow-through on a bullish bottoming pattern in GBP/USD and levels ahead for EUR/USD. Given resistance right at hand for AUD and NZD, we’re leaving those alone for now from the long-side and may become shorts should we see strength pick up in the dollar.

Gold and silver are trading around critical levels each, and along with the dollar could be poised to make strong moves soon. We went through a couple of scenarios depending on how things play out over the next few days.

Crude oil is a tough handle from day-to-day, with whippy price action dominating. Market positioning and a rounding-like topping pattern on the daily suggest lower prices at some point.

The S&P 500 looks poised to continue to 2300/20 on a bullish breakout from a multi-week base. The DAX is making a strong breakout from the consolidation phase we’ve been watching develop, higher prices to come. The CAC 40 held key trend-line support and looks poised to resume its trend higher since November.

For full considerations, please see the video above.

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---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.