Technical Setups: US Dollar Majors, Gold, SPX & Bitcoin– NFP Levels
Weekly Technical Trade Levels on USD Majors & Commodities
- Technical setups we’re tracking into the weekly
- Updated trade levels on the US Dollar Majors, Gold, SPX, Bitcoin and more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
USD Vulnerable to Early-Week Pullback- Gold Threatens Major Breakdown
Last week’s market plunge took prices into major downtrend support and heading into the start of the week we’re looking for a rebound in equities – pullback in the US Dollar. The moves are clean with well-defined technical levels in play on the back of last week’s sell-off. Our focus is on the USD Majors early in the week with setups in Euro, Aussie and Loonie of particular interest for possible exhaustion on this recovery. It’s make-or-break for gold this week as the precious metal tests key near-term support into the monthly lows.
Keep in mind we’re heading into the monthly close with the RBA, ECB and BoE rated decisions on tap ahead of Friday’s US Non-Farm Payroll (NFP) report- stay nimble here. In this webinar we take an in-depth look at the technical trade levels for US Dollar Index (DXY), EUR/USD, GBP/USD, GBP/AUD, AUD/USD, USD/CAD, Gold, Bitcoin and SPX.
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.