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

Article By: ,  Sr. Technical Strategist
November 6, 2023 12:00 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we’re tracking into the weekly open, post-Fed
  • Next Weekly Strategy Webinar: Monday, November 13 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), Australian Dollar (AUD/USD) , Japanese Yen (USD/JPY), 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 heading into the weekly open.

Euro Price Chart – EUR/USD Weekly


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

Euro marked an outside-weekly reversal on Friday with the advance now testing a key resistance zone we’ve been tracking for weeks at 1.0704/65- a region defined by the objective 2023 yearly open, the 52-week (yearly) moving average, and the 38.2% retracement of the entire yearly range. Looking for a reaction up here.

A breach / weekly close above this level is needed to fuel a larger recovery towards former slope support (currently 1.0870s) and the 61.8% retracement at 1.0959. Look for initial support into the May lows at 1.0635 with medium-term bullish invalidation set to the objective monthly-open at 1.0575.

Bitcoin Price Chart – BTC/USD Weekly

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

Bitcoin has surged more than 116% year-to-date with BTC/USD now testing a major technical confluence into the late-2022 uptrend at 35018/758- a region defined by the 61.8% extension and the 38.2% Fibonacci retracement of the 2021 decline. Ultimately a breach / weekly close above the upper parallel (blue) is needed to fuel the next leg higher in price towards the 100% extension at 41259 and the 2022 yearly open at 46200.

Initial weekly support now rests with the July high-week close at 30253 and is backed by the monthly open near ~26965. A break / weekly close below 25212/800 would ultimately be needed to put the bears back in control here.

S&P 500 Price Chart – SPX500 Daily

Chart Prepared by Michael Boutros, Sr. Technical Strategist; SPX500 on TradingView

In last week’s Weekly Strategy Outlook we noted that, “The S&P 500 rebounded off confluent Fibonacci support on Friday at 4115- the immediate focus is on possible inflection off this zone into the close of the month with the bears vulnerable while above. . . Broader bearish invalidation now lowered to the 4304/08.” The index rallied through this threshold into the close last week and the focus now shifts to a possible test of more significant resistance at the July downtrend.

Initial resistance being tested here today at the August low-day close (4365) with a major confluent zone eye just higher at 4416/17- a region defined by the June 16th high-close, the July low-day close, and the 61.8% retracement of the July decline. Looking for a larger reaction there IF reached with a breach / close above needed to suggest am ore significant low was registered last month. Initial support now 4308 with near-term bullish invalidation now raised to the 200-day moving average at 4260.

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 Twitter @MBForex

 

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