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  • Oil - US Crude IG Client Sentiment: Our data shows traders are now at their least net-long Oil - US Crude since Jan 06 when Oil - US Crude traded near 5,008.80. A contrarian view of crowd sentiment points to Oil - US Crude strength.
  • US Indices are struggling again today. The Nasdaq is now down 10% from the record highs of mid February, entering correction territory. The $VIX has risen to its highest level since last week's bond market event. DOW -1.31% NDX -2.37% SPX -1.48% RUT -2.68% $DIA $QQQ $SPY $IWM
  • #Bitcoin battle-lines drawn. . . Updated 240min $BTCUSD
  • Overall, Powell sticks with the current Fed stance and hence the move with the USD and UST yields higher, while gold tests 1700
  • #Gold is hitting fresh nine-month low in the aftermath of Fed Chair Powell's speech, falling to currently trade right around $1,700 for the first time since June of 2020. $XAU $GLD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.38%, while traders in Germany 30 are at opposite extremes with 70.84%. See the summary chart below and full details and charts on DailyFX:
  • $Silver testing confluent support, trendline + 23.6 fibo $SLV $XAG
  • $EURUSD tripping back down to the 1.2000 level on these Powell comments
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 5.61% Gold: -0.15% Silver: -0.56% View the performance of all markets via
  • $DXY US Dollar Index spiking to session highs on the back of this move in yields. $EURUSD tumbling down to the 1.2000-level.
US Dollar Majors In Focus Ahead of a BIG Week of Event Risk

US Dollar Majors In Focus Ahead of a BIG Week of Event Risk

Michael Boutros, Strategist

USD Majors Face Slew of Headline Risks

It’s a week packed with major event risk and for the USD, the focus is on whether the recent pullback from resistance in the Dollar Index (DXY) has further to go. We reviewed recent setups highlighted on the USD crosses and heading into the start of the week, the levels are clear.

Key Levels in Focus

DXY – Initial resistance at 93.91 Bearish invalidation at 94.33. Initial support at 92.96 & 92.28/44

EUR/USD – Key near-term support at1.1616/36. Resistance 1.1827 backed by 1.1910 & 1.1947/61

AUD/USD – Constructive while above 7513. Topside resistance objectives at 7632 backed by 7689 & 7709 (head & shoulders measured objective)

GBP/USD – Key resistance at 1.3495-1.3504 (near-term bearish invalidation). Initial support 1.33 backed by 1.3182

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Highlighting this week’s economic calendar are central bank interest rate decisions from the FOMC, the ECB (European Central Bank) and the BoJ (Bank of Japan). Keep in mind we also have the Nuclear Summit in Singapore with the meeting between President Trump and Kim Jong Un likely to keep the market headline driven over the next 24 hours. In this webinar we review updated technical setups on DXY, EUR/USD, USD/JPY, GBP/USD, AUDUSD, USDCAD, Gold, AUD/JPY, Silver, USD/CHF and EUR/GBP.

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KeyEvent Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play:

Why does the average trader lose? Avoid these Mistakes in your trading

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.