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Technical Trade Levels: Dollar, EUR/USD, GBP/USD, AUD/USD, Gold & Oil

Technical Trade Levels: Dollar, EUR/USD, GBP/USD, AUD/USD, Gold & Oil

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

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Vaccine Headlines Buoy Market Sentiment – Gold Price Reversal Holding September Low

News of another Covid-19 vaccine with an efficacy rate of 95% has fueled another market rally with the SPX pressing back towards the monthly / record highs. The move has not manifested as much in FX with the US Dollar Index (DXY) still holding above critical multi-year trend support. Markets are poised with numerous USD Majors trading within well-defined formations at key levels and we’re looking for a reaction early in the week. A massive reversal in gold last week keeps the bulls on notice as price holds just above the September lows into the open. An in-depth look at the technical levels for the US Dollar Index, EUR/USD, GBP/USD, AUD/USD, Gold, BTC/USD, USD/CAD, Crude Oil (WTI), USD/JPY and SPX.

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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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