Technical Trade Levels: US Dollar, EUR/USD, USD/CAD, S&P, Gold & Oil
Weekly Technical Trade Levels on USD Majors / Commodities
- Technical trade setups we’re tracking across the USD Majors / Commodities this week
- Updated trade levels on DXY, EUR/USD, USD/CAD, S&P 500, Gold, Crude Oil and more
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
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.
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 - 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.