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 underway in the US dollar, pointing out a short-term technical structure we’re following for guidance heading into next week. The major pairs we focused on were GBPUSD, AUDUSD, NZDUSD, and USDJPY. In cross-rate land, we looked at some of the Yen crosses, namely AUDJPY and EURJPY, and also looked at EURAUD and EURNZD.
Gold has run aground into resistance and has its work cut out if it is to continue on higher. We are still working with a bullish bottoming inverse H&S formation in silver now that it trades above the July trend-line.
Crude oil remains highly volatile from day-to-day with no broader net gain or loss. Price action over the last few weeks is working its way towards a triangle formation. The bias is for crude to move lower at some point, but we will need to wait for further developments before drawing concrete conclusions.
Global indices continue to hold a bid or better, but remain relatively choppy. The S&P 500 is at new highs but has top-side trend-line resistance nearing. The DAX is struggling, but working on coming ot of what still appears to be a correction. The FTSE is trading out of a bullish short-term pattern.
For full technical considerations, please see the video above.
---Written by Paul Robinson, Market Analyst
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