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  • Airline stocks retracing losses, some already in positive territory, despite the large sell-off in the market. News that the US will overhaul its COVID-19 travel rules and lift some restrictions are good news for the airline industry $JETS $UAL $AAL $ALK
  • The S&P 500 have taken a clear dive to start the week and fear of full risk aversion is gaining traction. DailyFX's @JohnKicklighter discusses what to expect in the markets this week! https://t.co/Mlyp5Tbdax
  • $USD still pulling back from resistance. 93.43 was the Q1 swing high, still playing a role in $DXY support potential around prior res, ~93.20 https://t.co/3TnlEu0yZX https://t.co/ub8o4D8NhW
  • despite the theatrics elsewhere, $Gold has held last week's low through this week's open, at least so far even getting a bump higher. resistance potential 1769-1775 $GC $GLD https://t.co/4mbBa8Yzhu
  • While there is no doubt a risk aversion wave at play now, it can still burn itself out with years of complacency and the expectations of Fed on Wed (anticipation can take the wind out of sails). But if/when the Dollar takes off pre-FOMC, that would be. https://t.co/3qFNBQEEA3
  • Bitcoin probing Fibo support zone ~42,588 #Bitcoin $BTCUSD https://t.co/f5XeSk5VDY https://t.co/zKDRps62Id
  • EUR/USD extends the series of lower highs and lows from the previous week as European Central Bank (ECB) officials defend the dovish forward guidance for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/4dgXe9lMik https://t.co/5CkSsQKawh
  • There are reasonable disputes over where technical boundaries exist from people with different views, charts, time frames, etc. I think this $SPX gap down and drive below the 50-day SMA clearly qualifies as a break https://t.co/M15HsOyvoG
  • Some people like a quiet market that edges higher consistently day in and day out. I am not one of those people. I like volatility
  • 🇺🇸 NAHB Housing Market Index (SEP) Actual: 76 Expected: 74 Previous: 75 https://www.dailyfx.com/economic-calendar#2021-09-20
Technical Trade Levels: Dollar, EUR/USD, USD/JPY, USD/MXN, SPX & Gold

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

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

S&P 500 Testing Critical Resistance Pivot – Dollar Gains Could be Limited

As the economy slowly begins to reopen, market participants are focused on incoming data as it pertains to the spread of Covid-19 and the impact on consumer spending. The S&P 500 is testing a critical resistance pivot for the second time and our focus is on a reaction here with the rally at risk while below 2932. The US Dollar majors are mixed with a breakout in USD/JPY fueling a rally early in the week while Euro, Sterling and Swissy continue to range in early New York trade. In this webinar, we review the updated technical trade setups on DXY, EUR/USD,GBP/USD, USD/JPY, USD/MXN, Gold(XAU/USD), S&P 500 (SPX500), AUD/USD, AUD/NZD and EUR/JPY.

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- 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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