Open an Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.
Open an Account
✖

DXY, EUR/USD, AUD/USD, USD/CAD, Gold, Oil Weekly Technical Outlook

Article By: ,  Sr. Technical Strategist
October 14, 2024 11:56 AM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly open- ECB, US retail sales on tap
  • Next Weekly Strategy Webinar: Monday, October 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), GBP/JPY, Swiss Franc (USD/CHF), Gold (XAU/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 heading into the weekly open.

Canadian Dollar Price Chart – USD/CAD Daily

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

The US Dollar is poised to mark a ninth consecutive-daily advance against the Loonie with USD/CAD testing confluent resistance today at 1.3788/92- a region defined by the 1.618% extension of the September range and the objective June high. Looking for a reaction here this week with a breach / close above needed to keep the long-bias viable towards 1.3825 and the upper parallel near ~1.3850. Key resistance steady at 1.3881/99. Support rest with the 1.37-handle with bullish invalidation now raised to 1.3613/21. Canada CPI on tap tomorrow.

Gold Price Chart – XAU/USD Weekly

 

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

Gold is trading into a major resistance zone for a fourth week at 2643/71- a region defined by the 100% extension of the 2015 advance and the 1.618% extension of the June advance. Note that numerous upslopes converge on this threshold and further highlight the technical significance of this region.

The focus remains on possible inflection here with the immediate advance vulnerable while below. Weekly support rests at 2516/24 backed by the May high at 2483. Broader bullish invalidation now raised to the 61.8% retracement of the April rally at 2433. A topside breach above this pivot zone exposes subsequent resistance objectives at 2743 ad the 2.618% extension of the 2022 range at 2804- look for a larger reaction there IF reached.

Oil Price Chart – WTI 240min

 

Chart Prepared by Michael Boutros, Technical Strategist; WTI on TradingView

Oil is trading mid-range to start the week and while the medium-term outlook is still constructive, the risk remains for a deeper correction within the September uptrend.  Support objectives eyed at 71.33/93 and 70.29- both levels of interest for possible downside exhaustion IF reached. Broader bullish invalidation now set to the 100% extension at 69.32.

Initial resistance stands at 75.63/80 backed by a major technical confluence at 77.15-78.01- a breach / close above this threshold is needed to mark uptrend resumption towards the next major pivot zone at 80.14/39- look for a larger reaction there IF reached.

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

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