Strategy Webinar: Gold, Crude Prices in Focus as USD Rebounds
Webinar highlighting featured setups we’re tracking into the monthly open. Here are the updated targets & invalidation levels that matter.
- Review of current / active setups heading into the monthly open
- Updated targets & invalidation levels
- Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT
The DXY has responded to near-term slope support with the risk for a rebound higher into the open of the month. The broader outlook remains weighted to the downside sub-9696 with key longer-term support eyed at ~94.50.
Gold prices have continued to sell-off with the precious metal now testing a break of the 200-day moving average. We’ll be looking for daily close to confirm this break with the next key support zone eyed at 1209/14.
Crude prices rebounded off key technical support last week with the rally now eyeing near-term resistance targets just shy of 47. Near-term support now 45.83 with near-term bullish invalidation at 45.19.
Kiwi responded to slope resistance last week and we’re still looking lower in the pair for now. Initial support targets at 7262 with a break sub 7223 needed to validate a larger scale reversal.
See our 3Q projections on the majors in the DailyFX Trading Forecasts.
Keep in mind it’s the start of a new week, month & quarter with FOMC minutes & U.S. Non-Farm Payrolls on tap- a good time to stay nimble.
In this webinar we discussed examples of multi-timeframe analysis and review both current and pending setups & updated technical levels on DXY, Gold, AUDUSD, Crude Oil, NZDUSD, USDCAD, GBPUSD, SPX, EURGBP, Silver, NATGAS and USDJPY.
What do shifts in retail positioning hint about the broader trend? Learn how Sentiment can help your trading in this free guide!
Key Data Releases
Other Setups in Play:
- Gold Prices Lower on Shifting Policy Outlook- FOMC Minutes, NFP on Tap
- AUD/USD Runs to Highs as Dollar Sell-off Deepens
- Crude Oil Prices Continue to Rally- Nearing Resistance
- NZD/USD: Has the Rally Finally Peaked?
—Written by Michael Boutros, Currency Strategist with DailyFX