Weekly Technical Trade Levels on USD Majors / Commodities
- Technical setups we’re tracking across the USD Majors / Commodities
- Updated trade levels on US Dollar, GBP/USD, USD/CAD,AUD/USD, Gold,Oil& more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
US Dollar Plunges Towards Yearly Open Support - Gold Breakout Eyes Key Resistance Hurdle
The Dollar losses have been unrelenting for the past few days with the US Dollar Index plummeting towards the 2021 yearly open. While the broader outlook remains tilted to the downside in the greenback, the immediate decline does look vulnerable near-term as momentum divergence into key technical levels threatens the sell-off. Likewise, a breakout in Gold has fueled a rally of more than 4.5% off the May open with the advance now approaching yearly Fibonacci resistance into 1850- we’re looking for possible price inflection into these levels. 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, USD/JPY, Gold, USD/MXN, USD/CHF, Oil, SPX, Bitcoin (BTC/USD), GBPCHF and AUD/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
Follow Michael on Twitter @MBForex
