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AUD/USD, USD/CAD, USD/JPY, Gold, Silver, S&P 500 Technical Outlook

Article By: ,  Sr. Technical Strategist
July 29, 2024 12:19 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly / monthly opens
  • Next Weekly Strategy Webinar: Monday, August 5 at 8:30am EST
  • Review the latest Weekly Strategy Webinars 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), 10yr Treasury Yields, 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), 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 / August open.

Euro Price Chart – EUR/USD Daily

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

Euro is testing a major pivot zone we’ve been tracking for weeks now at the 52-week moving average / June high-week reversal close at 1.0794-1.0801- looking for a reaction off this mark early in the week. A break / close below would threaten a test of range support near 1.0641/77. Key resistance unchanged at 1.0933/94- a region defined by the yearly high-week close (HWC) and the 61.8% retracement pf the December decline. Keep in mind we are heading into the August open with the Fed on tap Wednesday and Non-Farm Payrolls on Friday- watch the weekly close here.

Australian Dollar Price Chart – AUD/USD Weekly

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

A nine-day sell-off is AUD/USD slammed into confluent support last week at the 61.8% retracement of the April rally / 52-week moving average at 6529/52- looking for a reaction off this mark this week. Key weekly resistance now back at 6673/93- a breach / weekly close above would be needed to mark uptrend resumption back towards 6793-6818. A break below this key pivot zone would threaten then multi-month uptrend with such a scenario exposing subsequent support objectives at the yearly low-week close (LWC) at 6433 and the yearly low at 6362. Australia CPI on tap tomorrow, watch the weekly close for guidance.

Japanese Yen Price Chart – USD/JPY Weekly

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

The Yen has rallied more than 6.1% off multi-decade lows against the US Dollar (highs in USD/JPY). The pullback is now testing major support at former resistance around a key technical confluence at 152.00-153.66- a region defined by the 1989 high, the 1986 low, the 2022 & 2023 highs, and the 38.2% retracement of the December rally. Needless to say, this is region is critical. Rallies would need to be capped by 156.73 IF price is heading lower here with a break exposing the 52-week moving average (currently ~150.75) and the next lateral support zone at 148.73-149.60. Ultimately, a close above the 1990 high at 160.40 would be needed to mark uptrend resumption.

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

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