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Technical Levels for US Dollar, GBP/USD, USD/CAD, AUD/USD, Gold & Oil

Technical Levels for US Dollar, GBP/USD, USD/CAD, AUD/USD, Gold & Oil

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Weekly Technical Trade Levels on USD Majors / Commodities


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.

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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 - Key Data Releases - Weekly Event Risk- USD, EUR, GBP, JPY

Economic Calendar - latest economic development and upcoming event risk

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---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.