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Mid-Week Market Update: Technical Outlook for Dollar, Gold, Oil & Bitcoin

Mid-Week Market Update: Technical Outlook for Dollar, Gold, Oil & Bitcoin

Michael Boutros, Strategist

Weekly Technical Update on USD Majors, Commodities


US Dollar Bears Stall – Gold Eyes Resistance – Bitcoin Plummets into Critical Range

In Monday’s Weekly Strategy Webinar we discussed the technical stance of the US Dollar as the free-fall in DXY pressed into the February lows. An intraday drop into the yearly low-day close at 89.53 has fueled a rebound that looks to challenge the weekly opening-range highs. Meanwhile, the gold price rally has continued to rip higher with the advance now a critical resistance confluence around the objective yearly open – the bulls are on notice. Keep an eye on Bitcoin over the next few days- the drop found support into the 1.618% Fibonacci extension of the decline at 30655 with a critical range taking shape just above. We’re looking for the breakout to offer guidance here. These are the setups we’re tracking into the close of the week / month with key US inflation data on tap Friday. In this webinar we take an in-depth look at the technical levels for the for US Treasuries Yields (US10Y), US Dollar Index, EUR/USD, GBP/USD, USD/CAD, AUD/USD, NZD/USD, Gold, Oil (WTI), Bitcoin (BTC/USD),SPX, USD/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 - Key Data Releases

Economic Calendar - latest economic development and upcoming event risk

---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.