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

Article By: ,  Sr. Technical Strategist
July 22, 2024 12:18 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly open
  • Next Weekly Strategy Webinar: Monday, July 29 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), 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 heading into the weekly open.

US Dollar Price Chart – USD Weekly (DXY)


Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView

The US Dollar snapped a two-week losing streak last week with the DXY rebounding just ahead of confluent support around the 100% extension of the April decline at 103.60. The recovery is now testing initial resistance at the 52-week / 200-day moving averages at 104.38/41 and is backed by the 61.8% Fibonacci retracement at 105.18. Ultimately, a topside breach / close above the 2023/2024 high-week closes at 106.10 is needed to fuel the next leg / mark uptrend resumption.

Critical support remains at 102.87/99- a region defined by the 61.8% retracement of the December advance, the 2016 high-close (HC) and the January 2023 low-week close. Close below this threshold would suggest a larger trend reversal is underway.

Bottom line: The Dollar is testing confluent support here and the focus is on possible downside exhaustion / price inflection into this zone with the medium-term short-bias vulnerable while above. Keep in mind we get the release of the Core Personal Consumption Expenditure (PCE) on Friday- stay nimble into the releases and watch the weekly close.

Canadian Dollar Price Chart – USD/CAD Weekly

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

USD/CAD is once again testing the upper bounds of a multi-month range at 1.3773- a region defined by the yearly high-close. The focus is on a reaction into this threshold with range support steady at the 52-week moving average / 38.2% retracement at 1.3585/90. Bullish invalidation rests at 1.3512 with a topside breach / close above this range needed to fuel a run towards key resistance at 1.3849/81. Keep in mind the Bank of Canada (BoC) interest rate decision is on tap Wednesday with consensus estimates calling for a 25bps cut to 4.50- 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 with FOREX.com

Follow Michael on X @MBForex

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