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Mid-Week Market Check Up- USD, EUR, CAD, Gold, Silver, SPX & Bitcoin

Mid-Week Market Check Up- USD, EUR, CAD, Gold, Silver, SPX & Bitcoin

Michael Boutros, Strategist

Mid-Week Technical Update on USD Majors / Commodities


US Dollar To Defend Recent Reversal - Gold Slumps into Support as Bitcoin Presses Resistance

In Monday’s Weekly Strategy Webinar we highlighted the massive reversal exhibited across numerous markets into the close of February trade with the recent US Dollar recovery vulnerable into the March open. Was this just an end-of-month washout? The Dollar index has indeed pulled back with DXY reversing off near-term resistance – the weekly opening-ranges are set with the Majors now attempting to defend the recent turn. The battle-lines are drawn into the close of the week.

US Dollar Index Price Chart – DXY 240min

US Dollar Index Price Chart - DXY 240min - USD Trade Outlook - Technical Forecast

The gold price breakdown is approaching initial support targets and while the broader risk remains for a deeper setback, the immediate decline may be vulnerable into these levels. At the same time, the Bitcoin recovery is eyeing the first resistance test and we’re looking for price inflection on both of these setups in the days ahead.

Gold Price Chart – XAU/USD 240min

Gold Price Chart - XAU/USD 240min - GLD Trade Outlook - GC Technical Forecast

Bitcoin Price Chart – BTC/USD 240min

Bitcoin Price Chart - BTC/USD 240min - Bitcoin Trade Outlook - Crypto Technical Forecast

In this webinar we take an in-depth look at the technical levels for the US Dollar Index, EUR/USD, USD/CAD, AUD/USD,NZD/USD,Gold, Bitcoin (BTC/USD), Silver, SPX, GBP/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

---Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.