EUR/USD, GBP/USD, USD/JPY, Gold, Oil 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, January 21 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.

British Pound Price Chart – GBP/USD Weekly

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

The British Pound plunged into a key support zone this week at 1.2084-1.2114- a region defined by the objective 2023 yearly open and the 2023 low-week close (LWC). While the medium-term outlook remains tilted to the downside, the immediate decline may be vulnerable while above this pivot zone. Initial weekly resistance now eyed back at 1.2367/97 with broader bearish invalidation now lowered to the 2024 low-week close at 1.2494. A break below this key level threatens another bout of accelerated Sterling losses towards the January 2024 swing low / 50% retracement of the 2023 rally at 1.1841/89. Review my latest British Pound Short-term Outlook for a closer look at the near-term GBP/USD technical trade levels.

Japanese Yen Price Chart – USD/JPY Weekly

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

USD/JPY continues to hold just below major slope resistance for a fifth consecutive week. We have adjusted the resistance zone to the April high-close / monthly high at 158.45/88 and a breach / weekly close above this threshold is needed to mark uptrend resumption. Subsequent objectives are eyed at the 1990 high / 2024 high-week close (HWC) at 160.40/74 and the 2024 swing high at 161.95- look for a larger reaction there IF reached with a close above needed to fuel the next major leg of the advance towards the 100% extension of the September advance at 165.81.

Initial weekly support rests with the November high-close at 155.03- a break below the September trendline would threaten a larger correction towards key support / bullish invalidation at 151.91-152.15 – a region defined by the 2022/2023 swing highs and the 52-week moving average. Keep in mind we get the release of key U.S. inflation data this week with the December Consumer Price Index (CPI) on tap Wednesday. Stay nimble into the release and watch the weekly close here for guidance.

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

StoneX Financial Ltd (trading as "FOREX.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, FOREX.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date.

This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it. No opinion given in this material constitutes a recommendation by FOREX.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although FOREX.com is not specifically prevented from dealing before providing this material, FOREX.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. For further details see our full non-independent research disclaimer and quarterly summary.

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. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Financial Ltd. StoneX Financial Ltd is a company incorporated in England and Wales with UK Companies House number 05616586 and with its registered office at 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is authorised and regulated by the Financial Conduct Authority in the UK, with FCA Register Number: 446717.

FOREX.com is a trademark of StoneX Financial Ltd. This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy. FOREX.com products and services are not intended for Belgium residents.