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EUR/USD, GBP/USD, USD/CAD, USD/JPY, Gold Weekly Technical Outlook

Article By: ,  Sr. Technical Strategist
Monday 12:54 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly / monthly open- NFPs / Canada employment on tap
  • Next Weekly Strategy Webinar: Monday, December 9 at 8:30am EST
  • Review the latest Video Updates or Stream Live 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), Gold (XAU/USD), Silver (XAG/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 into the weekly / monthly open.

British Pound Price Chart – GBP/USD Weekly

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

Sterling rebounded off a confluent support last week at 1.2493-1.2542- a region defined by the 2024 low-week close (LWC) and the 78.6% retracement of the yearly range. The rally failed into a major pivot zone near the yearly open / 52-week moving average at 1.2731/85 and the focus is on a breakout of this key range into the start of December trade. IF last month’s breakdown was legit, rallies should be capped by the 38.2% retracement at 1.2850 with a break lower exposing the next major level support zone at 1.2367/97- look for a larger reaction there IF reached.

Canadian Dollar Price Chart – USD/CAD Daily

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

USD/CAD exhausted into uptrend resistance last week with the pullback defend initial support at the 1.3977-1.4005 pivot zone. Resistance now back at 1.4085 and the focus is on a breakout of this range into the start of the month with the broader uptrend vulnerable while below. Broader bullish invalidation now raised to the 2022 high-close / 2023 high at 1.3881/99- note that the median-line converges on this region over the next few weeks.

A topside breach / close above 1.4085 would threaten topside resumption with key resistance ste4ady at 1.4189-1.42- look for a larger reaction there IF reached. Keep in mind we get the release of both US and Canada employment data on Friday- stay nimble into the release and watch the weekly close here.

Economic Calendar – Key USD Data Releases

 

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex

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