Weekly Technical Update on USD Majors, Commodities & Bitcoin
- Technical setups we’re tracking across the USD Majors / Commodities / Bitcoin
- US Dollar downside exhaustion risk into NFP– Gold, Silver, Oil up against key resistance pivot
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
US Dollar Losses Steepen ahead of NFP – Commodities, Cryptocurrencies Poised at Resistance
In Monday’s Weekly Strategy Webinar we noted that our basic premise into the start of the week was to look for possible downside exhaustion in the US Dollar after last week’s turn in DXY from uptrend resistance. The greenback is broadly trading lower against most of its major counterparts heading into major event risk on Friday with US Non-Farm Payrolls on tap. Numerous weekly opening-ranges remain in play heading into Thursday and the focus is on pending near-term breakouts for guidance. In this webinar we take an in-depth look at the key technical trade levels for US Dollar Index, EUR/USD, US10Y, USD/CAD, AUD/USD, GBP/USD, Gold, Silver, Bitcoin,Ethereum (ETH/USD) , Crude Oil, SPX, USD/JPY and NZD/USD.
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
