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  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
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  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
Technical Trade Levels: Dollar, Euro, Sterling, Aussie, Gold & SPX500

Technical Trade Levels: Dollar, Euro, Sterling, Aussie, Gold & SPX500

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

Dollar Rally Faces First Major Test – Gold Remains at Risk for Larger Correction

An in-depth review of the USD majors into the start of the week. We’re heading into the close of the month / quarter on Wednesday with US Non-Farm Payrolls (NFP) on tap Friday. The DXY rally has now extended into the first major resistance zone and we’re looking for inflection into the start of October trade. Meanwhile, a rebound off downtrend support in gold could see some further recovery but leaves the broader risk weighted to the downside while below 1920. A look at the technical levels for the Dollar Index, EUR/USD, USD/CAD, AUD/USD, NZD/USD, USD/MXN, USD/JPY, Gold, SPX & GBP/USD.

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

Key Event Risk- Weekly Economic Calendar - USD Key Data Releases

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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