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  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
  • Seeing some continued US Dollar weakness post-FOMC as expected. $DXY hitting fresh monthly lows with weekly jobless claims data and the 2Q GDP report released this morning both disappointing relative to consensus. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/us-dollar-hits-monthly-low-as-jobless-claims-q2-gdp-disappoint.html https://t.co/MnaABIzbRr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.88% US 500: 0.52% France 40: 0.50% Wall Street: 0.49% Germany 30: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7PWjwTJE5Y
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide https://t.co/GsLyQwGaLC
  • White House says it is necessary for congress to extend eviction moratorium, current ban cannot be extended unilaterally after high court case -BBG
  • AUD/USD defends the advance following the Federal Reserve interest rate decision as the US Gross Domestic Product (GDP) report warns of a weaker-than-expected recovery. Get your $AUD market update from @DavidJSong here:https://t.co/6OpqGxv4ni https://t.co/eLEbTosjx9
  • RT @WVenketas: #FTSE100 index up 1% today and 9.70% YTD after several constituents posted record #earnings results with help from a #dovish…
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 3.01% Gold: 1.15% Oil - US Crude: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bApWwhOIbg
  • Gold Setting Up Potential Bullish Breakout - #GOLD chart https://t.co/6PeVqBptsC
  • Gold Setting Up for Possible Bullish Breakout https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/07/29/Gold-Price-GLD-XAU-GC-Setting-up-for-Potential-Bullish-Breakout.html $Gold https://t.co/gAW5eBIUxq
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

Michael Boutros, Strategist

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,

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

Key Event Risk This Week

Economic Calendar - Weekly Event Risk - Key Data Releases

Economic Calendar - latest economic development and upcoming event risk

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

Follow Michael on Twitter @MBForex

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

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