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/MXN, USD/JPY, S&P 500 Gold and more
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
Coronavirus Fears Outweigh Second Fed Emergency Rate Cut- Gold Searches for Support
The Federal Reserve announced another 100bps cut in response to the growing Coronavirus global pandemic. The move offered little solace to investors with broader equity indices plummeting near three-year lows early into the open of the week. We’re looking for possible topside exhaustion on this recent US Dollar recovery as DXY approaches the 2019 high-day close. Likewise, the Gold price sell-off is approaching levels that could offer a near-term reprieve to recent downside pressure. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, USD/JPY, USD/MXN, GBP/USD, S&P 500 (SPX500), Gold (XAU/USD), AUD/USD and USD/CAD.
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
