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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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EUR/USD, GBP/USD, USD/CAD, USD/JPY, Gold Weekly Technical Outlook

Article By: ,  Sr. Technical Strategist
Monday 5:54 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly / monthly open- NFPs / Canada employment on tap
  • Next Weekly Strategy Webinar: Monday, December 9 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 / monthly open.

British Pound Price Chart – GBP/USD Weekly

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

Sterling rebounded off a confluent support last week at 1.2493-1.2542- a region defined by the 2024 low-week close (LWC) and the 78.6% retracement of the yearly range. The rally failed into a major pivot zone near the yearly open / 52-week moving average at 1.2731/85 and the focus is on a breakout of this key range into the start of December trade. IF last month’s breakdown was legit, rallies should be capped by the 38.2% retracement at 1.2850 with a break lower exposing the next major level support zone at 1.2367/97- look for a larger reaction there IF reached.

Canadian Dollar Price Chart – USD/CAD Daily

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

USD/CAD exhausted into uptrend resistance last week with the pullback defend initial support at the 1.3977-1.4005 pivot zone. Resistance now back at 1.4085 and the focus is on a breakout of this range into the start of the month with the broader uptrend vulnerable while below. Broader bullish invalidation now raised to the 2022 high-close / 2023 high at 1.3881/99- note that the median-line converges on this region over the next few weeks.

A topside breach / close above 1.4085 would threaten topside resumption with key resistance ste4ady at 1.4189-1.42- look for a larger reaction there IF reached. Keep in mind we get the release of both US and Canada employment data on Friday- stay nimble into the release and watch the weekly close here.

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

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