Weekly Technical Trade Levels on USD Majors / Commodities
- Technical setups we’re tracking across the USD Majors / Commodities
- Updated trade levels on US Dollar, EUR/USD, GBP/USD, SPX, Bitcoin, Gold & more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
US Dollar Shows Signs of Life– Gold Price Breakdown Risks Deeper Losses - Bitcoin Bubble?
The greenback is poised to mark the fourth consecutive daily advance with the DXY rebounding sharply off downtrend support. The recovery keeps the focus on possible topside exhaustion near-term across the USD Majors with Euro and Sterling critical resistance levels resistance last week. Gold has turned sharply lower with the early-month breakout reversing last week to close markedly lower. The move takes price into Fibonacci support to start the week and while we could sees a brief reprieve, the threat remains for a deeper correction in the days ahead. The Bitcoin breakout is also showing signs of weakness here – a quick look at the relative performance of previous bubbles, the subsequent breakdowns. An in-depth look at the technical levels for the US Dollar Index, EUR/USD, GBP/USD, Gold, Crude Oil (WTI), BTC/USD, USD/CAD, SPX, USD/CHF, AUD/USD, NZD/USD 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
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