AUD/USD, USD/CAD, USD/JPY, Gold, Silver, Oil Weekly Technical Outlook
Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we are tracking into the weekly open- Core PCE data on tap Friday
- Next Weekly Strategy Webinar: Monday, September 30 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), US Treasury Yields (US10Y), 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 heading into the weekly open.
Australian Dollar Price Chart– AUD/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; AUD/USD on TradingView
Aussie is threatening a breakout of a multi-year consolidation pattern extending off the June 2023 highs with AUD/USD rallying through key resistance today at 6810/19- a region defined by the 2023/2024 yearly opens and the 61.8% retracement of the 2023 decline. Note that we’ve adjusted the tail-end of this pitchfork to the May lows to better align with price, but the focus remains on a close today above this pivotal zone.
The next major resistance hurdle is eyed at the December high / 38.2% retracement of the broader 2021 decline / December 2022 swing high at 6872/93- look for a larger reaction there IF reached. Initial support now back at former resistance with bullish invalidation now raised to the objective monthly open at 6751. Keep in mind the RBA interest rate decision is on tap tonight.
Oil Price Chart – WTI Daily
Chart Prepared by Michael Boutros, Technical Strategist; WTI on TradingView
Oil opens the week just below a major pivot-zone we’ve been tracking for weeks now at the objective yearly open / August low-day close (LDC) at 71.33/93. Again, here the slope has recently been adjusted with the median-line now further highlighting this key technical zone. I
A topside breach / break above this threshold is needed to suggest a more significant low was registered this month with subsequent resistance objectives eyed at September open near 73.60 and the monthly opening-range high at 74.39 (broader bearish invalidation). Ultimately, losses would need to be limited to 68.01 IF price is heading for a breakout here.
Economic Calendar – Key USD Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on X @MBForex
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.
FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning. Increased leverage increases risk.
GAIN Capital Group LLC (dba FOREX.com) 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA. GAIN Capital Group LLC is a wholly-owned subsidiary of StoneX Group Inc.
© FOREX.COM 2024