US Dollar Majors, Gold, Oil, S&P 500 Weekly Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we’re tracking into the open of the week
• Next Weekly Strategy Webinar: Monday, August 21 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 this week.

US Dollar Index Price Chart – DXY Weekly

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

In last week’s US Dollar Price Forecast, we noted that DXY was, “within striking distance of key resistance at 103.00/49- a region defined by the 2016 high-close, the 2020 high, the January low-week close, the 61.8% Fibonacci retracement and the objective yearly open. Note that the March channel line converges on this threshold over the next few weeks. The focus is on a reaction into this zone IF reached with a breach / close above needed to suggest a larger trend reversal is underway.” Price is testing this key zone into the weekly open – looking for possible exhaustion / price inflection into this threshold. Watch the weekly close here- levels unchanged.

Canadian Dollar Price Chart – USD/CAD Daily

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

The Canadian Dollar losses extended for a fourth consecutive week with USD/CAD exhausting into confluent resistance at “the 50% retracement of the yearly range near 1.3477- looking for possible inflection here with key resistance eyed just higher at the objective yearly open / 61.8% Fibonacci retracement of the yearly range at 1.3545/68.”

Price has spent an entire week testing a close above the 200-day moving average with the dollar making another attempt here today. Bulls are vulnerable here and a close above is needed to keep the immediate long-bias viable. USD/CAD levels unchanged into the start of the week.

Gold Price Chart – XAU/USD Daily

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

Gold is testing a critical support confluence this week at 1901/10- a region defined by the 200-day moving average, the 38.2% retracement of the 2022 rally and the 61.8% retracement of the 2023 yearly range. The focus is on a possible downside exhaustion / price inflection into this threshold this week.

A break lower from here would risk a plunge towards initial support objectives at 1871/77. Initial resistance eyed at the July trendline with a breach / close above 1933 needed to suggest a more significant low is in place. I’ll publish an updated Gold Short-term Outlook later this week.

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