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  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6cn6OK6M7w
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  • Hang Seng Tech Index has likely formed a bullish “Inverse Head and Shoulders” chart pattern. Immediate support and resistance levels can be found at 5,800 and 7,433 respectively. Breaching above 7,433 would likely bring 8,266 into focus. https://t.co/VsavFLj97V
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Technical Outlook: USD Majors, Gold, Oil & Crypto- FOMC Trade Levels

Technical Outlook: USD Majors, Gold, Oil & Crypto- FOMC Trade Levels

Michael Boutros, Strategist

Weekly Technical Update on USD Majors, Commodities & Bitcoin

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US Dollar Rally Vulnerable into FOMC – Commodities at Resistance as Bitcoin Searches Support

In Monday’s Weekly Strategy Webinar we noted to be on the lookout for possible topside exhaustion in the US Dollar Index as DXY probed confluent uptrend resistance near November / 2021 high-day closes at 93.40/45. The pullback off this mark has carved out a well-defined weekly opening-range heading into today’s FOMC releases and we’re looking for breakouts across the USD Majors over the next 24 hours. In this webinar we offer a preview to today’s interest rate decision and take an in-depth look at the key technical trade levels for US Dollar Index,EUR/USD, GBP/USD, GBP/JPY, USD/JPY, Gold (XAU/USD), Crude Oil (WTI), USD/CAD, Bitcoin (BTC/USD), and AUD/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 - Key Data Releases - Weekly Event Risk

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.

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