USD Majors, Gold, Oil, Stock Technical Outlook
Weekly technical trading levels for USD majors, commodities and stocks
August USD Range Breakouts on Trend Extremes – S&P 500, Nasdaq, Dow Looking for uptrend support
In our last Strategy Webinar We noted, “Monthly opening ranges are taking shape in numerous USD majors – remaining intact with DXY holding lows at trend support. The equity rally broke initial resistance targets and we are on the lookout for possible exhaustion a bit higher as all three major indices touch some key technical levels.” The ranges finally broke last week as DXY, sterling, yen, Bitcoin and more stretched to the extreme in open time to go defensive. We are nearing the end of the month with US Non-Farm Payrolls (NFP) ahead of an extended holiday hiatus – a good time to consider a lower position size / implement protective stops and consider reducing overall exposure.
In this webinar, we take an in-depth look at the technical trading stages forUS Dollar (DXY),Euro (EUR USD), Canadian dollar (USD/CAD), gold (XAU/USD), Silver (XAG/USD), crude oil (STI), S&P500 (SPX500), Nasdaq (NDX), Dow Jones industry average (DJI), British Pound (GBP/USD), Bitcoin (BTC/USD), Home Depot (HD), Apple (AAPL) and Target (TGT).
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
economic calendar – Recent economic developments and upcoming event risk
—Written by Michael ButrosTechnical Strategist at DailyFX
Follow Michael on Twitter @MBForex