Technical Outlook: USD-pairs, Crude Oil, Gold/Silver & Equity Indices
Paul conducts webinars every Wednesday, Thursday, and Friday. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.
In today’s webinar, we discussed the bounce in the US dollar and whether it is sustainable or not. We honed in on EUR/USD, GBP/USD, and USD/JPY. On the cross-rate front we looked at EUR/AUD, EUR/NZD, and AUD/JPY.
Crude oil dove lower the past couple of sessions, furthering along the notion that the topping scenario will come into play. But with that said, it is trading on support right now and in the short-run a bounce could develop before seeing a further decline.
Gold and silver are acting well despite USD strength. Gold has a few levels to contend with ahead, while silver is working on continuing to rise out of a bullish bottoming pattern. The July trend-line was breached the other day and as long as it can stay above it has room to run. A break below the trend-line would bring caution.
Indices have been a difficult spot to be, choppy trading conditions continue to be the theme. The S&P 500 maintains a semi-bullish posturing, but have to be careful about buying into up-moves – pullback buys preferred. The DAX is bearish short-term, but still looking corrective within a broader uptrend. The FTSE 100 is in limbo, but well supported at 7100 and below. How things play out with sterling will be important.
For full technical considerations, please see the video above.
---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.