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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,

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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.

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