Mid-Week Technical Outlook: USD Majors, Bitcoin, Gold & Oil Post-CPI

Weekly Technical Update on USD Majors, Commodities & Bitcoin

• Technical setups we’re tracking across the USD Majors / Commodities / Bitcoin
• US Dollar exhaustion risk materializing post-CPI – Gold, Silver, Oil declines in focus
• New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

US Dollar Slammed by CPI– Transitory Inflation Argument Gains– USD Majors on the Move

In Monday’s Weekly Strategy Webinar we noted that our basic premise into the start of the week was to look for possible US Dollar exhaustion as DXY approached resistance near the July highs. An in-line US CPI print today offered the catalyst to the USD exhaustion play with the greenback poised to mark an outside-day reversal off the high. Similarly, numerous USD Majors are responding to key technical thresholds on this heels of today’s inflation read and the stage is set heading into the close of the week. We’re still waiting on the dust to settle in the Gold, Silver and Oil after the recent plunge into key technical support zones. In this webinar we take an in-depth look at the technical trade levels for the for the US Dollar Index, USD/CAD, US10Y, EUR/USD, USD/JPY, AUD/USD, Gold, Silver, Bitcoin (BTC/USD) and Crude Oil.

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, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex