Mid-Week Technical Update on USD Majors / Commodities
- Technical setups we’re tracking across the USD Majors / Commodities
- Updated trade levels on US Dollar, EUR/USD, USD/CAD, Gold Silver, SPX, Bitcoin & more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
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
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
Bitcoin Price Chart – BTC/USD 240min
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
