Technical Trade Levels: US Dollar, GBP/USD, AUD/USD, USD/CAD & Gold
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, GBP/USD, AUD/USD, USD/CAD, Gold and more
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
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 - 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.