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

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

2020-09-28 15:01:00
Michael Boutros, Strategist
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Weekly Technical Trade Levels on USD Majors / Commodities

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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

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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