Weekly Technical Trade Levels on USD Majors / Commodities
- Technical setups we’re tracking across the USD Majors / Commodities
- Updated trade levels on US Dollar, AUD/USD, Gold,Oil, SPX500, Bitcoin& more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
US Dollar Down but Not Out. . . Yet – Gold Threatens Major Resistance Breakout
The Dollar plunged into key support early in the month before rebounding with the recovery reversing back towards the lows late-last week. Yearly open support at 89.93 is our line in the sand- a break / close below would be needed to mark resumption of the broader USD downtrend. Meanwhile, gold is probing the yearly high-week reversal close at 1850 with near-term uptrend resistance just higher – we’re looking for possible inflection on this stretch with a breach / close above threatening another major leg higher in the XAU/USD breakout. In this webinar we take an in-depth look at the key technical levels for the US Dollar Index, EUR/USD, GBP/USD, AUD/USD, USD/CAD, Gold, Oil (WTI), SPX, Treasuries Yields (US10Y), Bitcoin (BTC/USD), Oil (WTI), USD/JPY, USD/CHF, EUR/AUD and EUR/NZD.
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
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