EUR/USD, GBP/USD, USD/CAD, Gold, Oil, S&P 500 Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we’re tracking into the weekly open
• Next Weekly Strategy Webinar: Monday, October 30 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 on the technical charts heading into weekly open.

US Dollar Price Chart – USD 240min (DXY)

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

The US Dollar Index is poised for a test of the October opening-range lows / key support at “105.51/63- a region defined by the 23.6% retracement of the yearly range, the January high and the March high-day close.” Looking for a reaction there IF reached with a break / daily close below threatening a deeper correction towards the 100% at 104.97.

Initial resistance is eyed at the upper parallel (currently ~106.40s) and is backed by 106.65. A breach / daily close above key resistance at 107.07/17 is ultimately needed to mark resumption of the broader USD uptrend.

Gold Price Chart – XAU/USD 240min

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

Gold has surged more than 10.3% off the monthly low with the rally now testing a key technical confluence at 1977/87- a region defined by the 61.8% Fibonacci retracement of the May decline and the objective July high. The immediate advance may be vulnerable here.

Initial support 1953 – a break below this threshold would threaten a deeper correction with the broader outlook still constructive while above 1903. A topside breach / close above this pivot zone would mark resumption of the monthly uptrend towards the next major resistance hurdle at the 2040/50 (the April / May high-day closes and the 2022 high-day close).

S&P 500 Price Chart – SPX500 Weekly

Chart Prepared by Michael Boutros, Sr. Technical Strategist; SPX500 on TradingView

As discussed in the webinar, the S&P 500 is reacting to a critical support confluence today at 4179/96- a region defined by the 52-week moving average, the 38.2% retracement of the 2022 advance, and the objective February swing high. Looking for a reaction off this mark with the immediate short-bias vulnerable while above.

Resistance now eyed at the August 2022 swing high near ~4325 with near-term bearish invalidation now lowered to the October range high at 4396. A break / weekly close below this key zone would threaten another accelerated decline towards the lower parallel (currently ~4100) and the 50% retracement / May low at 4048/51. Watch the weekly closes here.

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