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  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/XS0176LyOg
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  • Google finance-related search interest in 'Evergrande' has almost overtaken 'Covid'. 'Taper' doesn't even register on the scale https://t.co/P6H9sHFVIB
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDJ2wm https://t.co/b9m5ADIqqb
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNntBdA https://t.co/14UKjR4w6M
Dollar, EUR/USD, USD/CAD, Gold & Bitcoin Technical Trade Levels

Dollar, EUR/USD, USD/CAD, Gold & Bitcoin Technical Trade Levels

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

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US Dollar Threatens Major Price Collapse into December Open– Gold Bears Risk Exhaustion

The US Dollar Index broke below critical multi-year uptrend support last week and while the collapse threatens a much larger price breakdown, the timing of the sell-off into the close of the month leaves the immediate decline vulnerable into the December open. We’re looking to validate a major price inflection on numerous USD setups early in the month. Meanwhile, gold prices have plummeted more than 10% off the monthly highs and we’re on the lookout for downside exhaustion this week. An in-depth look at the technical levels for the US Dollar Index, EUR/USD, Gold, USD/JPY,USD/CAD, AUD/USD, NZD/USD, GBP/USD, Bitcoin (BTC/USD), SPX500 and USD/CHF.

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 - EUR USD GBP AUD CAD Weekly Event Risk

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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