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Post-Election Trade Levels: Dollar, EUR/USD, USD/MXN, AUD/USD & Gold

Post-Election Trade Levels: Dollar, EUR/USD, USD/MXN, AUD/USD & Gold

2020-11-09 16:30:00
Michael Boutros, Strategist
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Weekly Technical Trade Levels on USD Majors / Commodities

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Post-Election USD Sell-off Plummets to Critical Support- Gold False Breakout Risks Deep Losses

News of a Covid-19 vaccine boasting more than 90% efficacy fueled a massive surge in risk markets into the start of the week with the SPX500 marking fresh record highs on Monday. The rally is stretching into a precarious zone into the open however with numerous outside-weekly reversals in the USD Majors last week suggesting the recent advances may be vulnerable. The Dollar Index (DXY) is now back at multi-year uptrend support and the immediate focus is on a reaction here this week. An in-depth look at the technical levels for the Dollar Index, EUR/USD, GBP/USD, USD/CAD, USD/MXN, AUD/USD, NZD/USD, Gold, SPX, NZD/JPY, USD/CHF and USD/JPY.

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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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