NFP, USD Majors, Gold, Silver, Oil, S&P 500 Weekly Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly / monthly / Q3 open- NFPs on tap
• Next Weekly Strategy Webinar: Monday, July 8 at 8:30am EST
• Review the latest Weekly Strategy Webinars 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), 10yr Treasury Yields, Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Bitcoin (BTC/USD), Swiss Franc (USD/CHF), Gold (XAU/USD), Silver (XAG/USD), S&P 500 (SPX500), Nasdaq (NDX), Dow Jones (DJI), and Crude Oil (WTI). These are the levels that matter on the technical charts heading into the weekly / monthly open.

US Dollar Index Price Chart – USD 240min  

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

This proposed pitchfork we formulated in today’s webinar has the US Dollar index responding to median-line support today with the weekly opening-range is taking shape just above. A topside breach / weekly close above the 2023 high-week close at 106.10 needed to fuel the next leg higher towards the yearly high-day close at 106.37- look for a larger reaction there IF reached. Support rests at 105.31 with near-term bullish invalidation now raised to the 105-handle.

US 10yr Treasury Yield – US10YR Weekly

Chart Prepared by Michael Boutros, Technical Strategist; US10Y on TradingView

Yields on the US 10-year rebounded off the 100% extension of the April decline at 4.21 with the rally closing last week back above the 4.29/32 pivot zone- now key support again. Initial resistance is within striking distance at the 61.8% retracement around 4.53- look for a larger reaction there IF reached early in the month.

Japanese Yen Price Chart – USD/JPY Weekly

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

It’s worth noting that the correlation between US Treasury yields and USD/JPY has turned positive again after a short stint in negative territory. The focus is on this climb to multi-decade highs with USD/JPY pressing channel resistance (blue) into the start of the month. US Non-Farm Payrolls (NFP) on tap Friday - watch the weekly close here with a topside breach exposing the next major lateral zone at 163.69-164.74. Initial weekly support now back at the June low-week reversal close at 156.73.

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