EUR/USD, GBP/USD, USD/CAD, Gold, Oil, Nasdaq Weekly Technical Outlook

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By :  ,  Sr. Technical Strategist

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

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

Euro Price Chart - EUR USD Daily - Euro vs US Dollar Outlook - EURUSD Technical Forecast- 8-7-2023

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

 Gold Price Chart - XAU USD Daily - GLD Trade Outlook - GC Technical Forecast - 8-7-2023

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 - Weekly Event Risk - Key Data Releases - US CPI - UK GDP - 8-7-2023

Economic Calendar - latest economic developments and upcoming event risk.

 

--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com

Follow Michael on Twitter @MBForex

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