**Technical Weekly Review: USD Index (DXY), EUR/USD, AUD/USD, Gold, Oil, and Bitcoin**
*Based on analysis by Matt Weller, FOREX.com. Supplemented with insights from IG.com and DailyFX.com.*
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As the trading week commences, several major financial markets continue to respond to shifting macroeconomic sentiments, monetary policy signals from central banks, and evolving global events. This analysis covers the technical outlook for the US Dollar Index (DXY), EUR/USD, AUD/USD, Gold, Oil, and Bitcoin, drawing primarily from Matt Weller’s original analysis for FOREX.com, with additional context from other reputable sources.
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## US Dollar Index (DXY): Weekly Technical Update
The US Dollar Index, which tracks the performance of the greenback against a basket of major currencies, enters the week following a period of moderate volatility.
– **Weekly Chart Analysis:**
– The DXY has spent recent weeks consolidating above the 104.00 level, reflecting both uncertainty over the timing of Federal Reserve rate cuts and residual demand for relative safety in the dollar.
– After a sizable run-up in the first half of 2024, the index has struggled to decisively break above its resistance near the 105.50 to 106.00 mark.
– Technical oscillators, such as the Relative Strength Index (RSI), show the index sitting just below overbought territory, macro uncertainty casting a shadow on strong upside moves.
– **Key Support and Resistance Levels:**
– Immediate support is located around 104.00, where recent consolidation suggests buyers could emerge.
– Deeper support emerges at 103.40, the lower boundary of a multi-month trading range.
– On the upside, 105.50 to 106.00 remains a formidable barrier, with a sustained close above this zone required to reestablish bullish momentum toward 107.00.
– **Macro Context:**
– The Federal Reserve’s June policy meeting, as well as increasing speculation over the first rate cut’s timing, are critical to the DXY’s direction.
– US job market data and inflation prints are likely to trigger sharp moves in the index.
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## EUR/USD: Weekly Technical Signals
The euro remains sensitive to shifting monetary policy expectations, both for the European Central Bank and the Federal Reserve.
– **Recent Price Action:**
– EUR/USD has retraced from its recent highs near 1.0900 and sits midway within its quarterly range.
– The pair remains tethered to central bank divergence themes, awaiting clearer guidance from the Fed and ECB.
– **Technical Highlights:**
– Resistance is located near 1.0900, corresponding with April and early June swing highs.
– Intermediate resistance rests at 1.0810, an area traders are monitoring for any breakout.
– Key support sits at 1.0730 and 1.0680,
Read more on AUD/USD trading.