EUR/USD, GBP/USD, USD/JPY, Gold, Oil, Bitcoin, Weekly Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open- US CPI on tap
• Next Weekly Strategy Webinar: Monday, November 11 at 8:30am EST
• Review the latest Video Updates or Stream Live on my YouTube playlist.

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), Silver (XAG/USD), S&P 500 (SPX500), Nasdaq (NDX) and the Dow Jones (DJI). These are the levels that matter on the technical charts into the week open.

Bitcoin Price Chart – BTC/USD Weekly

A breakout is underway in Bitcoin with BTC/USD surging more than 21% off the November open. The rally broke a major resistance zone we’ve been tracking for months now at 69,000-71,285- a region defined by the 2021 Swing high and the March / record close high. The advance has already taken out initial objectives at the 100% extension of the 2019 advance at 81,310 with the next resistance hurdle eyed just higher at the 61.8% extension of the 2022 rally near 85,616- look for a larger reaction there IF reached.

Bottom line:  The breakout remains viable while above the 69,000 with a breach / close above this hurdle needed to fuel the next major leg of the advance. Subsequent resistance objectives eyed at the 1.272% extension at 99,174 and the 100% extension at 107,892.

British Pound Price Chart – GBP/USD Daily

Chart Prepared by Michael Boutros, Sr. Technical Strategist; GBP/USD on TradingView

Sterling continues to trade into a key support zone with the November opening-range defined by the June 6^th election-candle. We’re looking for a breakout of this range for guidance in the days ahead. Initial resistance now at 1.30 backed by the range highs at the July high / September low-day close (LDC) at 1.3045.

A break below the March high-day close (HDC) at 1.2857 exposes the 200-day moving average near ~1.2817 and the next major technical confluence at 1.2731/73- a region defined by the 2024 yearly open, the 61.8% retracement of the April advance, and the February 2019 swing low. Review my latest British Pound Weekly Outlook for a longer-term look at the GBP/USD technical trade levels.

Economic Calendar – Key USD Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex