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EUR/USD, GBP/USD, AUD/USD, Bitcoin, Gold, Oil Weekly Technical Outlook

Article By: ,  Sr. Technical Strategist
July 8, 2024 12:01 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly open – CPI on tap
  • Next Weekly Strategy Webinar: Monday, July 15 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), 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.

US Dollar Index Price Chart – USD Daily

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

The US Dollar is attempting to snap a seven-day losing streak with DXY trading just above initial support at the 61.8% retracement of the June rally near 104.81. Note that the 52-week & 200-day moving averages rest just lower at 104.30/48 – both regions represent areas of interest for possible downside exhaustion / price inflection IF reached. Monthly-open resistance eyed at 105.85 and is backed by 106.10. A breach / close above the yearly high-day close at 106.37 would ultimately be needed to mark resumption.

Oil Price Chart – WTI Daily

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

The June rally turned just cents ahead of key resistance at 84.57-85.33- an area defined by the 61.8% retracement of the 2023 decline and the 2024 high-day & high-week closes (HDC / HWC). The multi-week rally may be vulnerable here with the immediate focus on breakout of the July opening-range for guidance. Near-term support now 81.52/83 with the outlook still constructive while above the 200-DMA (currently ~78.97). The next resistance hurdle is eyed just higher at 86.83-87.08- a close above this region would be needed to validate a breakout of a multi-year consolidation pattern.  

Bitcoin – BTC/USD Daily

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

Bitcoin broke below a key support threshold last week at 60,032/661 (now resistance) with the decline slipping back below the 200DMA for the first time since October. Initial support now rests with the 38.2% retracement of the 2022 advance at 51,518- look for a larger reaction there IF reached. Note that the potential double-top objective here does threaten a test of 41,051. Bearish invalidation now lowered to 64,921 with a close above the record higher close at 71,285 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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