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Forex: US Dollar Index Exploring Space North of Trendline Resistance

Daily Timeframe –

Following the release of Wednesday’s FOMC minutes, the US dollar was bid. This helped cement a bullish position above trendline resistance taken from the high of 114.78, as well as the 200-day simple moving average, currently at 103.22. Together, this signals the possibility of a trend reversal to the upside in the USD.

Commodities: XAU/USD (Gold) Crossing Swords with Key Weekly Support

Weekly Timeframe –

After a third consecutive week in the red, spot gold (XAU/USD) is testing the mettle of a notable support level on the weekly timeframe at $1,898, a barrier complemented by a descending resistance-turned-support line extended from the high of $2,070.

A rebound from current support has weekly resistance at $1,969 to target, while a downside breach could open the door to another layer of support from $1,823.

Equities: S&P 500 Vulnerable to the Downside

Weekly Timeframe –

The S&P 500 is on track to record its third consecutive week in the red, following the rejection of weekly resistance, made up of 4,595 and a channel resistance taken from the high of 4,100. Follow-through downside from current prices could land the index as far south as weekly support from 4,325.

Cryptocurrency: ETH/USD Exploring Space South of Trendline Support

Daily Timeframe –

Against the US dollar, Ethereum is poised to pencil in its third successive losing day. This has guided the widely watched altcoin below a major trendline support taken from the low of $1,074, and potentially cleared the pathway lower to support coming in at $1,679.

Charts: Trading View

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