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

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

Technical setups we are tracking into the weekly open / April-open
Next Weekly Strategy Webinar: Monday, April 8 at 8:30am EST
Review the latest Weekly Strategy Webinars on my YouTube playlist.

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), US 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), New Zealand Dollar (NZD/USD), AUD/NZD, Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and Dow Jones (DJI). These are the levels that matter on the technical charts heading into the weekly / monthly / quarterly open.

US Dollar Price Chart – USD Daily (DXY)

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

The US Dollar is testing a major resistance pivot today 104.77-105 – a region defined by the 61.8% retracement of the October decline, the psychological 105 barrier and a pair of upslopes we’ve been tracking for weeks now. Looking for a reaction into this threshold early in the week.

A topside breach / close above is needed to mark uptrend resumption with subsequent resistance objectives eyed at the 2023 January high / March high-day close (HDC) at 105.63 and 105.90-106.10 where the upslope converges on the 78.6% retracement and the 2023 HWC- look for a larger reaction there IF reached.

Support rests along the median-line and is backed closely by 103.97-104.01 and the 200-day moving average (~103.75) and the 2023 yearly open at 103.49. Broader bullish invalidation remains unchanged at 102.75/99. Keep in mind we are kicking-off the start of a new month & quarter with US Non-Farm Payrolls on tap Friday- stay nimble here into the April opening-range and watch the weekly closes for guidance.

Oil Price Chart – WTI Weekly

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

Crude oil is testing major resistance into the April open at 83.28-84.57- a region defined by the 2021 high-week close (HWC) and the 61.8% Fibonacci retracement of the September decline. Note that this zone converges on both long-term downtrend & near-term uptrend resistance slopes and further highlights its technical significance- looking for a reaction here with the immediate long-bias vulnerable sub-84.57.

A topside breach exposes subsequent resistance objectives at the 2023 HWC at 90.79 and that same yearly high at 95.01. Initial support rests with the 52-week moving average (currently ~78.06) backed by the 50% retracement of the yearly range / channel support near 75.77- losses should limited to this threshold IF price is heading higher on this stretch with a close above 84.57 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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