We move into a new trading week and season with critical technical levels under pressure or collapsing. The US indices are on the cusp of volatile but rigid ranges while the Dollar has extended its charge to a fresh multi-year high. Breakouts are likely, but follow through can remain a tripping point if not properly appointed with speculative momentum. Be ready for transition in market conditions.
The US Dollar surged to multi-year highs last week as the greenback continues to show its strength, but does USD have room to run or will technical resistance keep upward momentum at bay?
Sterling is down nearly 1% on the week after turning from downtrend resistance. Here are the levels that matter on the GBP/USD weekly chart heading into September.