USD Majors and Commodities Weekly Technical Update We’re keeping an eye on technical setups in the USD Majors, Commodities, and Bitcoin. Levels have been updated across all active setups as we approach the July open, NFP, and weekly close. Are you new to the gold market? Get started with this free Beginner’s Guide to Gold Trading.
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In the run-up to the July open, the US dollar is aiming for critical resistance, while gold and bitcoin are poised for divergent breakouts.
We addressed feasible technical setups we’ve been following in the USD Majors in Monday’s Weekly Strategy Webinar, with the US Dollar Index (DXY) reaching strong trend resistance just higher. With US Non-Farm Payrolls (NFP) on tap ahead of a prolonged holiday break, we’re nearing the conclusion of the month / quarter. It’s a good moment to stay nimble and minimize the size of your positions. These are the setups we’re keeping an eye on as we approach the end of the week—in this webinar, we’ll go through the technical levels for the US Dollar Index, EUR/USD, GBP/USD, USD/CAD, AUD/USD, AUD/JPY, NZD/USD, Gold, Crude Oil (WTI), Bitcoin (BTC/USD), and USD/JPY. Review Michael’s Foundations of Technical Analysis series on Building a Trading Method for a detailed description of his trading strategy. This Week’s Major Event Risk Economic Calendar – the most recent economic news and the likelihood of forthcoming events—- Written by Michael Boutros, DailyFX’s Technical Strategist Michael can be found on Twitter as @MBForex.
DailyFX delivers forex news and technical analysis on the global currency markets’ current developments.
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