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  • 🇯🇵 Consumer Confidence (JUL) Actual: 37.5 Previous: 37.4 https://www.dailyfx.com/economic-calendar#2021-08-02
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  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.03% 🇯🇵JPY: 0.00% 🇦🇺AUD: -0.03% 🇨🇦CAD: -0.04% 🇨🇭CHF: -0.04% 🇳🇿NZD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BKGiHCcP2s
  • Gold Prices Risk Forming a “Double Top” Despite Yields Drop https://www.dailyfx.com/forex/market_alert/2021/08/02/Gold-Prices-Risk-Forming-a-Double-Top-Despite-Yields-Drop.html https://t.co/1eAb5dp3ew
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.52% US 500: 0.51% FTSE 100: 0.49% France 40: 0.47% Wall Street: 0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PJsDVKC0H2
Technical Trade Levels: US Dollar, EUR/USD, USD/MXN, USD/JPY & Gold

Technical Trade Levels: US Dollar, EUR/USD, USD/MXN, USD/JPY & Gold

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

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

Key Event Risk This Week - USD, EUR, MXN, CHF, GBP, JPY, AUD Economic Calendar

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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