EUR/USD, GBP/USD, USD/CAD, Gold, Oil Weekly Technical Outlook: 2/26/2024

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open
• Next Weekly Strategy Webinar: Monday, March 4 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), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), New Zealand Dollar (NZD/USD), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and the Dow Jones (DJI). These are the levels that matter on the technical charts heading into close of the month.

Euro Price Chart – EUR/USD Daily

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

Euro is trading just below resistance into the start of the week at 1.0864/97- a region defined by the 38.2% Fibonacci retracement of the December sell-off and the objective February opening-range highs. A breach / daily close above this threshold is needed to suggest a more significant low was registered this month and would keep the focus on a stretch towards 1.0970.

Initial support rests with the objective monthly open / 200-day moving average at 1.0818/25 and is backed by the 61.8% parallel / 61.8% retracement at 1.0769- losses below this threshold would threaten resumption of the downtrend back towards key support at 1.0704/12. Stay nimble into the close of the month with the US Personal Consumption Expenditure (PCE) on Thursday likely to fuel some volatility here.

Canadian Dollar Price Chart – USD/CAD Weekly

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

The Canadian Dollar has been trading into a key technical confluence for the past six-weeks at 1.3438/45 – a region defined by the 50% retracement of the October decline and the objective 2023 yearly-open. The focus remains on possible price inflection off this region with a breach / weekly close above 1.3623/40 ultimately needed to suggest a larger breakout is underway here.

Weekly support / broader bullish invalidation rests with the 61.8% retracement of the December rally at 1.3333 – note that multi-year slope support rests along this threshold and further highlights its technical significance in the weeks ahead. Bottom line: losses should be limited by this threshold IF price is heading higher on this stretch with a close above 1.3623 needed to fuel the next major move.

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