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  • With less than 24-hours to go until the FOMC announcement, here's an interesting statement from the New York Fed trading desk on 'testing operational readiness to implement existing and potential policy directives' and a planned sale of agency MBS up to $180-million. $USD $DXY https://t.co/HjpzcxGmLp
  • So has Elon been tweeting dog pictures again? Shiba Inu (SHIB) +28% in the last couple of hours….
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.09% Gold: -0.49% Silver: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/C70e8Sd0wE
  • US Senator Mitt Romney: I am very optimistic about the bipartisan infrastructure plan $USD $DXY
  • USD/CAD hits its highest level in a month, briefly trading above 1.22 prior to Wednesday's FOMC meeting $USDCAD https://t.co/KEneo86LsS
  • WTI crude oil has room to rally further. Around the 77 mark lies substantial long-term resistance. Get your #crudeoil market update from @PaulRobinsonFX here:https://t.co/BxaHvWsLwV https://t.co/MNfIOlhNSv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 75.59%, while traders in France 40 are at opposite extremes with 80.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/eNuFA54avs
  • Markets are trading like the Fed is tomorrow and Ronaldo is on the TV scoring goals. How many people are going to watch the US close vs France-Germany?
  • webinar starting right now https://www.dailyfx.com/webinars/643096611 pre-FOMC price action setups around the $USD. Topics - 1. usd setups ahead of the fed 2. expectations on taper and what's in store for tomorrow 3. gold and oil, commodities the focal point https://t.co/ZI4AoW1rOn
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.09% France 40: 0.07% Germany 30: 0.01% US 500: -0.18% Wall Street: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Y0JC4KGfgb
Technical Trade Levels: US Dollar, GBP/USD, AUD/USD, USD/CAD & Gold

Technical Trade Levels: US Dollar, GBP/USD, AUD/USD, USD/CAD & Gold

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

Coronavirus Recession Fears take Center Stage- Gold Stabilizing above Support

Markets have been in freefall as the Coronavirus global pandemic threatens a deep recession in the world’s largest economy. Risk aversion has benefited the US Dollar despite 150bps in interest rate cuts from the Federal Reserve this month with the central bank announcing new measure today in an attempt to shore up markets. The plunge in equity markets has started to fuel inflows into gold with XAU/USD showing signs of life at fresh 2020 lows. While the effects of the covid-19 breakout are likely to be lasting, the recent stretch has taken prices into key long-term technical levels and we’re looking for a reaction early in the week. In this webinar, we review the updated technical trade setups on DXY, EUR/USD,GBP/USD, AUD/USD, Gold(XAU/USD), USD/CAD, S&P 500 (SPX500),USD/JPY, NZD/USD and USD/CHF.

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 - Key Data Releases this Week - US Dollar, Sterling, Euro Event Risk

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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