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

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

2020-03-23 15:30:00
Michael Boutros, Strategist
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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.

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

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