Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we’re tracking into the open of the week
- Next Weekly Strategy Webinar: Monday, August 14 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), Euro (EUR/USD), British Pound (GBP/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Australian Dollar (AUD/USD), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX) and Dow Jones (DJI). These are the levels that matter this week.
Euro Price Chart – EUR/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; EUR/USD on TradingView
Euro marked a fourth rebound off the September trendline and the focus now falls on a possible breakout of this near-term descending channel off the highs for guidance.
A topside breach would expose the April highs at 1.1095 backed by the 61.8% retracement of the July decline at 1.1137- rallies should be capped by this threshold IF price is lower with a break of this channel exposing the July lows at 1.0835 and the 200-day moving average at ~1.0750. Terminal support for the broader 2023 uptrend rests with the objective yearly open at 1.0704. I’ll publish an updated EUR/USD Short-term Outlook later this week with a closer look at the near-term Euro technical trade levels.
Gold Price Chart – XAU/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Gold is testing a key zone at multi-month uptrend support around 1924/29- a region defined by the 1.618% extension of the July decline and the 61.8% Fibonacci retracement of the late-June rally. A longer-term technical confluence (bullish invalidation) is seen just lower at 1903/10 – both regions represent key pivot zones and we’re looking for possible downside exhaustion in the days ahead.
A breach / close above the monthly opening-range high / August-open at 1965/66 needed to mark resumption of the broader uptrend towards 1982- look for a larger reaction there IF reached. Review my latest Gold Technical Outlook for a closer look at the short-term XAU/USD trading levels.
Economic Calendar – Key Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on Twitter @MBForex