Weekly Technical Trade Levels on USD Majors / Commodities
- Technical setups we’re tracking across the USD Majors / Commodities Post- Elections
- Updated trade levels on US Dollar, EUR/USD, USD/MXN, AUD/USD, Gold, SPX & more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
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.
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 - latest economic development and upcoming event risk
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex
