Technical Levels for US Dollar, EUR/USD, GBP/USD, AUD/USD, Gold & SPX
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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, AUD/USD, Gold, SPX & more!
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Dollar Plunges Towards Weekly Support - Gold Bulls Search for Fuel at Resistance
Its been a bloodbath for the US Dollar this month with the Index (DXY) down more than 2.3% off the monthly highs. The decline takes USD towards longer-term uptrend support and we’re on the lookout for possible price inflection this week for guidance. A quick review of the recent decline in the yield of the US 10-Year Treasury suggests we may be reaching an area of interest for support and further highlights the risk for an interruption in some of these monthly trends. For gold, the focus remains on critical resistance just higher with the bulls vulnerable into 1800.
The docket outside the US is loaded this week with central bank rate decisions on tap from the BoC and the ECB alongside of host of inflation figures out of New Zealand, the UK, Canada and Japan. In this webinar we take an in-depth look at the key technical levels for the US Dollar Index, EUR/USD, GBP/USD, USD/CAD, AUD/USD, Gold, USD/JPY, GBP/AUD, USD/CHF, SPX and BTC/USD (Bitcoin).
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
Follow Michael on Twitter @MBForex
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.