USD majors, gold, oil, SPX and Bitcoin ahead of FOMC

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Weekly USD majors / commodities technical trading booths

The US dollar rally is expanding into major resistance ahead of the FOMC as gold and silver probe support – Bitcoin, SPX threatened major dips

The US dollar rose more than 1.6% from its monthly lows, breaking out of the monthly opening range, bringing the price to the first major resistance hurdle at the end of the year at 93.45 – the bulls are vulnerable in the short term as long as they are below it Threshold lie. Accordingly, the Euro is looking for significant support earlier in the week at 1.1694-1.1706 and we are looking for a possible price infection in numerous USD majors.

On the commodities side, the gold sell-off tests downtrend support at the June lows around 1750 and while we may see some recovery in the near term, the risk of testing the critical support at 1729/38 remains. A break in uptrend support on Bitcoin also threatens a bigger decline in cryptocurrencies, with BTC / USD now testing the monthly lows of the range – the risk of a deeper pullback remains while it sits below the monthly open at 47,123. In this webinar we take a detailed look at the major technical trading levels for US dollar index,EUR USD, GBP / USD, USD / CAD, AUD / USD, NZD / USD, gold (XAU / USD), Silver (XAG / USD), crude oil (WTI), Bitcoin (BTC / USD), SPX500, USD / CHF, AUD / JPY and USD / JPY.

For a full breakdown of Michael’s trading strategy, see his Foundations of Technical Analysis series for building a trading strategy

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Economic calendar – current economic development and impending event risk

—Written by Michael Boutros, Currency Strategist at DailyFX

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