Open an Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open an Account
✖

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

Article By: ,  Sr. Technical Strategist
August 7, 2023 12:08 PM

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

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

The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning. Increased leverage increases risk.

GAIN Capital Group LLC (dba FOREX.com) 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA. GAIN Capital Group LLC is a wholly-owned subsidiary of StoneX Group Inc.

© FOREX.COM 2024