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Technical Trade Levels: Dollar, GBP/USD, USD/MXN, AUD/USD, Gold & SPX

Technical Trade Levels: Dollar, GBP/USD, USD/MXN, AUD/USD, Gold & SPX

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

Dollar Losses take Index Towards Support- Gold at Key Resistance Zone

The Dollar Index fell more than 6.5% off the yearly highs with last week’s decline testing objective yearly-open support at 96.50. While the broader risk remains tilted to the downside, the immediate decline may be vulnerable while above this threshold. Likewise, the gold price sell-off tested a critical support confluence last week and the focus is on a reaction off 1669/73. The same technical stance can be seen across the USD Majors and levels are clear as we head into this week’s FOMC interest rate decision. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, GBP/USD, USD/JPY, USD/CAD, USD/MXN, Gold (XAU/USD), S&P 500 (SPX500), AUD/USD, and GBP/JPY.

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Jan 09
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For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

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---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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