Weekly technical trading levels for USD majors, commodities and stocks
USD surges into uptrend resistance as gold tests critical support – stock recovery levels in focus
The US dollar is on a high, with the DXY up more than 3.26% since the beginning of the month. While the broader outlook remains constructive, the index is now approaching confluent uptrend resistance and our focus is on a possible reversal this week around the 2001 low 108.19. At the same time, the price of gold is a test-critical multi-year uptrend support 1729 – the last desperate attempt for the cops. Equity markets have been moving within well-defined technical parameters and while there has been a lack of momentum, levels are clearly heading towards the start of the week.
In this webinar, we take an in-depth look at the technical trading stages forUS Dollar (DXY),Euro (EUR USD), British pound (GBP/USD), Canadian dollar (USD/CAD), VIX, gold (XAU/USD), S&P 500 (SPX500), Nasdaq (NDX), Dow Jones Industrial Average (DJI), Silver (XAG/USD), crude oil (WTI), Japanese Yen (USD/JPY) with notes on AUD/JPY and EUR/JPY.
You can always find the latest strategy webinar on my YouTube playlist.
For a full breakdown of Michael’s trading strategy, see his Series Fundamentals of technical analysis to build a trading strategy
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—Written by Michael ButrosTechnical Strategist at DailyFX
Follow Michael on Twitter @MBForex
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