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Technical Trade Levels: S&P, US Dollar, EUR/USD, USD/CAD, Gold & Oil

Technical Trade Levels: S&P, US Dollar, EUR/USD, USD/CAD, Gold & Oil

2020-03-02 16:00:00
Michael Boutros, Strategist
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Weekly Technical Trade Levels on USD Majors / Commodities

Coronavirus Sell-off Marks Record Declines - US Dollar Slammed as Markets Price Fed Rate-Cut

Last week’s historic risk sell-off marked the largest weekly range ever for the S&P 500 as growing concerns over the Coronavirus continue to weigh on market sentiment. The sudden & sharp market decline has seen interest rate expectations shift dramatically with markets currently pricing in a nearly 100% likelihood the Fed will look to cut interest rates by a full 50bps this month. Accordingly, the US Dollar has come under increased pressure with the index testing the February open / range lows into the open of March trade. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, S&P 500 (SPX500), GBP/USD, USD/CAD, Gold(XAU/USD), Crude Oil, USD/CHF and GBP/USD,

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

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

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