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  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.00% 🇨🇦CAD: -0.21% 🇯🇵JPY: -0.21% 🇬🇧GBP: -0.35% 🇳🇿NZD: -0.45% 🇦🇺AUD: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/7ej2PKr120
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.01% FTSE 100: -0.06% Germany 30: -0.07% Wall Street: -0.33% US 500: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wuAFfNFdVH
  • from support to resistance in $USD some very decent friday action $DXY https://t.co/1W1wPyVgTc https://t.co/y4sgUkQ1cP
  • The Dollar is up after the core June PCE accelerated further to a 3.5% clip (highest since 1991), but US 10-Year yield is down 4 bps to 1.2290 and implied rate hikes through Dec 2022 has dropped 1.5bps from yesterday to 14bp (56% prob of hike) https://t.co/5Y0BWlPBUx
  • It's time to look at the monthly candles on charts and check in on the Dollar and Amazon. DailyFX's @JohnKicklighter covers the markets 👇 https://t.co/43BSSq9XIg
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.09% 🇨🇦CAD: -0.11% 🇪🇺EUR: -0.24% 🇬🇧GBP: -0.32% 🇳🇿NZD: -0.39% 🇦🇺AUD: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mkiFzOzRQE
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: -0.18% Wall Street: -0.26% Germany 30: -0.32% US 500: -0.41% FTSE 100: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6oyofVNacT
  • $USDCAD holding that spot of support looked at yday ~2426 question now is whether sellers push back in on a res test 25-2550. that could make for a compelling setup to a bearish $USD thesis https://t.co/GzRCITnrsW https://t.co/8mNgDQrlup
  • Strong Euro Zone growth and inflation data helped underpin recent Euro strength. Retail traders cut back long positions, increase net-shorts.Get your $EURUSD market update from @nickcawley1 here:https://t.co/uz3vjjaQdB https://t.co/hL4KqCM0yY
  • Gold (XAU/USD) prices remain unfazed by ECB decision. Silver (XAG/USD) price action remains supported by psychological support at $25.00. Get your market update from @Tams707 here:https://t.co/7BfS6ObsAZ https://t.co/zHWgAUHhca
Trading Outlook: US Dollar, Euro/Sterling/Yen crosses, Gold & More

Trading Outlook: US Dollar, Euro/Sterling/Yen crosses, Gold & More

Paul Robinson, Strategist

Join Paul every Tuesday-Friday for webinars. For details and a full line-up of all upcoming live events, please see the Webinar Calendar.

In this webinar, we discussed the recent strength in the US dollar, and how the rally could unfold in the coming days. There is resistance not far ahead for the DXY, but could be exceeded should EURUSD drop below support into the gap from the first round of the French presidential elections. So far, we have seen a ‘buy the rumor, sell the news’ scenario play out and the gap may be at risk of soon filling. GBPUSD continues to look solid and headed higher. USDJPY broke a multi-month trend-line and is poised to trade towards 11500/50. NZDUSD and AUDUSD are still postured poorly and looking to carve out lower levels in the days ahead.

The European/commodity crosses (EURAUD, EURNZD, GBPAUD, GBPNZD) are extended and in need of a rest. EURAUD had a couple of reversal days at a key trend-line test. GBPJPY and EURJPY have both had enormous runs, but now face resistance. How they respond to overhead levels will be telling about whether they want to continue to push on through or undergo a pullback.

Gold and silver are still positioned poorly with important support levels yet reached. On a bounce into resistance we will watch for signs of stalling momentum. Crude oil looks headed lower, possibly much lower, but its path is yet unclear. There are levels of resistance to work with, it’s a question of which level the market responds to before looking for lower prices.

The DAX continues to hold strong at record levels, while the FTSE 100 is working towards challenging important resistance around 7400. The S&P 500 and Dow both look poised to continue higher out of consolidation patterns, but the trading may be a bit of a grind with volatility so low.

For full technical and trading considerations, please see the video above…

See our quarterly forecasts for FX, equity indices, and commodities to see where our team of analysts see markets heading for the remainder of Q2.

---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.

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