Technical Setups: DXY, GBP/USD, USD/CAD, SPX, Gold, Oil, & Bitcoin
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Weekly Technical Trade Levels on USD Majors / Commodities
- Technical setups we’re tracking across the USD Majors / Commodities heading into September close
- Updated trade levels on the US Dollar Majors, SPX, Gold, Crude Oil, Bitcoin and more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
US Dollar / SPX at Resistance into Weekly Open– Bitcoin, Gold Search Support
The US Dollar Index (DXY) is trading just below resistance at the yearly high-day close and we’re on the lookout for possible price inflection at these levels early in the week. At the same time, the SPX has rallied back into former slope support, turned resistance with a breach / close above 4487 needed to mark resumption of the broader uptrend. A look at US Treasury yields shows a major breakout with the US10Y surging into confluent uptrend resistance – a breach / close above 1.53 is needed to invalidate the March downtrend. At the same time, pullbacks in Bitcoin and Gold are looking for meaningful support and the levels are clear into the close of September. In this webinar we take an in-depth look at the key technical trade levels for US Dollar Index,SPX500, EUR/USD, GBP/USD,USD/JPY, AUD/USD, Gold (XAU/USD), Silver (XAG/USD) , Crude Oil (WTI), Bitcoin (BTC/USD), USD/CAD & USD/ZAR.
For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy
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---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.