Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we are tracking into the weekly open
- Next Weekly Strategy Webinar: Monday, February 26 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), GBP/JPY, 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 the shortened holiday week.
Gold Price Chart – XAU/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Gold is poised for a fourth-consecutive daily advance with a rally of more than 2.3% now within striking distance of the monthly-open at 2039. Ultimately, a breach / close above the 61.8% retracement of the late-December decline at 2048 would be needed to suggest a more significant low was registered last week. Initial support rests back at the record high-week close (HWC) / October high-day close (HDC) at 2004/06 with critical support steady at 1975/78. I’ll publish an updated Gold Short-term Outlook later this week with a closer look at these levels.
US 10 Year Treasury Yield – US10Y Weekly
Chart Prepared by Michael Boutros, Technical Strategist; US10Y on TradingView
We didn’t get a chance to discuss yields today, but I wanted to highlight this resistance zone we’ve been tracking in the 10-year at 4.29/32 -a region defined by the 1998 low-close and the 61.8% Fibonacci retracement of the subsequent 2000 decline. Looking for possible inflection here- initial support with the 52-week moving average (currently ~4.03) backed by 3.81. Broader bullish invalidation steady at 3.63.
A topside breach / weekly close above this threshold exposes the next major technical hurdle at the 61.8% retracement of the October decline at 4.55- look for a larger reaction there IF reached.
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