Paul conducts webinars Tuesday – Friday each week. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.
In today’s webinar, we touched on a little of this and a little of that, but asked the big question; is the US dollar headed higher or lower? We looked at USDCHF closely for possible clues on that as the technical structure is one of the cleanest, and with it forming an ascending wedge we may soon have our answer. Down is the initial thought, but we will want to wait for a break first, in either direction. EURUSD looks like it might be trying to bottom here, while GBPUSD is fast approaching a very big spot in the 12100/00 area. NZDUSD, big trend-line test going on right now.
We hit on several cross-rates – EURGBP, EURJPY, EURAUD, AUDNZD (big breakout), GBPJPY, and a few others as well.
Gold continues to break lower, taking out a level of support at this time we have been eyeing. It’s starting to look like 1180 might come into play. Silver is entering into a support zone down to 17, but if gold sells off to 1180 that likely won’t hold.
Crude oil, again, we only touched on it very briefly while it remains bound up in a developing ascending wedge.
The DAX came down to important trend-line support today and bounced, and if it carries higher will soon find resistance again. A rising wedge is developing which could soon lead to an explosive move. The FTSE 100 is gradually pulling back, leaning more bull than bear. We looked at a short-term bull-flag from which if it can break higher from will be our guide for higher prices. If it doesn’t break, then the short-term down-trend remains intact. The S&P 500 is looking to fill a gap from last week, interest will be taken in how it handles the gap or support levels not far below. So far, the pullback is orderly and supportive for another thrust higher at some point.
For full technical considerations, please see the video above.
---Written by Paul Robinson, Market Analyst
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