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

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open, post-Fed / NFP reaction
• Next Weekly Strategy Webinar: Monday, February 12 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),  Swiss Franc (USD/CHF), 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 weekly open.

US Dollar Price Chart – USD Daily (DXY)

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

We discussed this setup at length today and the immediate focus is on a reaction into 104.63/77 IF reached- a region is defined by the March high-week close (HWC) & the 61.8% retracement of the October decline and converges on near-term uptrend resistance. A breach / weekly close above this threshold is needed to fuel the next major leg higher in price towards 105.63. Initial support now 103.98 with bullish invalidation now raised to the 2023 yearly-open / February-open / 200-day moving average at 103.49/55.

Gold Price Chart – XAU/USD Weekly

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

Gold is in focus this week as price continues to coil within the January opening-range. Key resistance is well-defined at 2075/81 with XAU/USD reinforcing support at the record high-week close at 2004- looking for the breakout for guidance here with the broader rally still vulnerable while below the objective yearly open at 2062.  

Oil Price Chart – Crude Weekly (WTI)

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

In last week's webinar, we warned that the Oil rally was vulnerable as WTI approached confluent resistance at “77.72-78.13 – a region defined by the 100% extension of the December advance and the 38.2% retracement of the September decline. Looking for a reaction up here.” A massive outside-reversal candle last week marked a range of nearly 9.5% off those highs with WTI once again approaching a critical support zone we’ve been tracking for years now at 70.06-71.31- a region defined by 2022 swing low, the 78.6% retracement of the 2023 range, and the objective 2023 low-week close. Looking for a reaction into this critical pivot-zone IF reached for guidance this week.

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