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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.72%, while traders in Wall Street are at opposite extremes with 77.22%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Og5oUUyKLs
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.58%, while traders in USD/JPY are at opposite extremes with 77.23%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Ghq29hRjlq
Technical Setups: DXY, USD/CAD, AUD/USD, SPX, Gold, Oil, & Bitcoin

Technical Setups: DXY, USD/CAD, AUD/USD, SPX, Gold, Oil, & Bitcoin

Michael Boutros, Strategist

Weekly Technical Trade Levels on USD Majors / Commodities

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US Dollar Risks Deeper Correction– Bitcoin, Gold to Attempt Counter-offensives

The US Dollar Index (DXY) has extended into a critical resistance range on the back of a four-week rally and while the broader focus remains weighted to the topside, the immediate advance remains vulnerable early in the month while below 94.65. A similar but inverse scenario can be seen in the SPX500 – last week’s decline rebounded off confluent downtrend support and while a near-term recovery may be underway, the risk for a deeper correction remains while below bearish invalidation at 4444. In this webinar we take an in-depth look at the key technical trade levels for US Dollar Index,EUR/USD, SPX500, US10Y, GBP/USD, USD/CAD, Gold (XAU/USD), Silver (XAG/USD) , Bitcoin (BTC/USD), Crude Oil (WTI), USD/JPY and AUD/USD,

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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Economic Calendar - AUD, CAD, NZD, EUR, CAD, USD, Key Data Releases

Economic Calendar - latest economic development and upcoming event risk

---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.

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