Technical Outlook Ahead of FOMC for USD-pairs, Gold & More
In today’s webinar we looked at a number of USD charts, including the US Dollar Index (DXY) chart itself. Is the recent low the beginning of another surge back to cycle highs since the 2018 low, or is strength only a countertrend move setting up for more selling soon? The FOMC coming up on tomorrow could have much to say about this, or simply be a source of volatility that only muddles the picture further. Wait-and-see looks like a prudent approach from this seat...
US Dollar Index (DXY) (Low or bounce?)
Gold came out of a bull-flag pattern only to post a reversal immediately after. This casts a shadow of doubt on it rallying further, and could lead to the commodity making another leg lower in the digestion period that began early last month.
Gold Price Chart (reversal after bull-flag break put on brakes to upside)
For the full set of technical details and charts, check out the video above…
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.