US Dollar Majors, Gold, Silver, Oil, Stocks Weekly Technical Outlook
Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we are tracking into the weekly open- Canada / UK CPI on tap
- Next Weekly Strategy Webinar: Monday, November 18 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), Dow Jones (DJI) and Bitcoin (BTC/USD). These are the levels that matter on the technical charts into the week open.
British Pound Price Chart – GBP/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; GBP/USD on TradingView
Sterling is trading into major technical support early in the week at 1.2571-1.2613- a region defined by the 61.8% retracement of the 2023 advance and the June / July swing lows. Note that the lower parallel of a proposed descending pitchfork converges on this threshold over the next few weeks and further highlights the technical significance of this zone. Looking for possible inflection off this mark.
Initial resistance now back at the yearly open / 61.8% retracement of the yearly range at 1.2731/33 backed by the 200-day moving average (currently ~1.2820). Broader bearish invalidation now lowered to the March high-day close (HDC) / monthly open / 38.2% retracement at 1.2857-1.29. A break below this key pivot zone would threaten another bout of accelerated declines towards the 2022 December HDC at 1.2423. Review my latest British Pound Weekly Outlook for a longer-term look at the GBP/USD technical trade levels.
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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