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

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

2020-03-09 16:00:00
Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

Coronavirus Sell-off Compounded by Oil Price War – USD Majors Extend into Key Technical Levels

The Coronavirus sell-off continues into the weekly open with the major indices in free-fall after a breakdown in OPEC negotiations fueled a massive route in oil prices. Crude was down more than 50% ahead of the US open with the S&P 500 breaking below support to fresh 2020 lows- key support for the index is eyed at the 61.8% retracement of the December 2018 advance at 2740- watch the close with respect to this threshold with the immediate short-bias vulnerable while above. Gold rallied to fresh highs but continues to respect longer-term uptrend resistance – high risk for exhaustion across the board. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, USD/CAD, GBP/USD, Gold(XAU/USD), Crude Oil, USD/CHF, S&P 500 (SPX500), AUD/USD and NZD/USD.

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

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