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

Article By: ,  Sr. Technical Strategist
August 12, 2024 11:41 AM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

A massive market route is underway with global equities plunging early in the week. 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), GBP/JPY, Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), Bitcoin (BTC/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.

Canadian Dollar Price Chart – USD/CAD 240min

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

The focus into the start of the week is on a key support confluence here in USD/CAD at 1.3702/25- looking on possible price inflection off this mark. Rallies should be limited to 1.3791-1.3808 IF price is heading lower on this stretch with a close below 1.3665 ultimately needed to suggest a larger trend reversal is underway towards the 1.36-handle. Critical resistance unchanged at 1.3881/99. Review my latest Canadian Dollar Weekly Technical Forecast for a closer look at the longer-term USD/CAD trade levels.

Oil Price Chart – WTI Daily

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

Oil rebounded off technical support last week at the trendline extending off the 2023 low (red) with price unable to mark a concerted close below the yearly low-day close (LDC) at 72.99. A V-shaped recovery is now attempting to mark a fourth consecutive daily advance with the rally approaching initial resistance objectives at the monthly open (78.61) and the 61.8% retracement of the July decline at 78.60- both areas of interest for possible near-term exhaustion / price inflection IF reached.

Initial daily support now rests with the July low at 74.58 and is backed again by 72.99 (bullish invalidation). Ultimately a close below the objective yearly open at 71.33 is needed to validate a larger breakout / mark downtrend 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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