USD Majors, Gold, Oil, Bitcoin, S&P 500 Weekly Technical Outlook

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By :  ,  Sr. Technical Strategist

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly open- US CPI, RBA, ECB, BoC and SNB on tap
  • Next Weekly Strategy Webinar: Monday, December 16 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), Silver (XAG/USD),  Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and the Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly open.

Japanese Yen Price Chart – USD/JPY Daily

Japanese Yen Price ChartUSD JPY DailyUS Dollar v Yen Trade OutlookUSDJPY Technical Forecast1292024 

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

The USD/JPY sell-off responded to key confluent support last week with the monthly opening-range taking shape just above 148.73-149.60- a region defined by the 2022 high-close and the 2023 high-week close (HWC).

Initial resistance is eyed at with the 2022/2023 high / 200-day moving average 151.94/99 and is backed by the 61.8% retracement of the yearly range / May Low=day close (LDC) at 153.02/40- both levels of interest for possible topside exhaustion IF reached. Ultimately, a breach / close above the November high-day close at 154.34 is needed to mark uptrend resumption.  

A break below this key support one would invalidate the September uptrend / threaten a larger breakdown towards 146.14/65- a region defined by the 61.8% retracement of the September rally, the February LDC and the August low-week close (LWC). Look for a larger reaction there IF reached.

Get our exclusive guide to USD/JPY trading in Q4 2024

Economic Calendar – Key USD Data Releases

 Economic Calendar-ECB-RBA-BoC-SNB- USD key Data Releases-12-6-2024

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex

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