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Mid-Week Market Update- Technical Outlook for USD Majors, Gold & Oil

Mid-Week Market Update- Technical Outlook for USD Majors, Gold & Oil

Michael Boutros, Strategist

Weekly Technical Update on USD Majors / Commodities

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US Dollar: Bear Market Rebound or Reversal? Gold Bulls Eye 1804

In Monday’s Weekly Strategy Webinar we highlighted the threat of downside exhaustion in the US Dollar as numerous Majors stretched into critical technical pivot zones. Indeed the index did register a low at key support early in the week with the immediate focus on this near-term recovery. A notable post-BoC reversal in the Canadian Dollar during the webinar has already marked an outside-day reversal covering the entire monthly range – look for the breakout into the close of the week. In this webinar we take an in-depth look at the technical levels for the US Dollar Index, US Treasuries (10yr), VIX, EUR/USD, GBP/USD, GBP/AUD, USD/CAD, AUD/USD, Gold, Crude Oil (WTI), USD/JPY, and EUR/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.

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