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

Article By: ,  Sr. Technical Strategist
September 11, 2023 12:00 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), US 10YR Yields (US10Y), Japanese Yen (USD/JPY), British Pound (GBP/USD), Canadian Dollar (USD/CAD), Australian Dollar (AUD/USD), Gold (XAU/USD), Silver (XAG/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX) and Dow Jones (DJI). These are the levels that matter on the technical charts this week.

Canadian Dollar Price Chart – USD/CAD Daily

 

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

The Canadian Dollar turned from trend resistance last week with USD/CAD now back into a key pivot zone at 1.3545/68- a region defined by the objective yearly open / 61.8% Fibonacci retracement of the yearly range. Risk for some price inflection here with initial resistance at 1.3646 with key resistance steady at 1.3698- a breach / close above this level is needed to fuel the next leg higher towards the yearly high-day close at 1.3761.

A break below this threshold exposes the monthly open at 1.3508 and key support at the 38.2% retracement / 200-day moving average at 1.3465/67. Both areas of interest for possible downside exhaustion IF reached. I’ll publish an updated Canadian Dollar Short-term Technical Outlook later this week.

Crude Oil Price Chart – WTI Daily

A breakout of the yearly opening-range in WTI shifts the focus towards a fourth quarter high. That said, the immediate advance may be waning here. Initial support rests at 85.61 with medium-term bullish invalidation now raised to the August / April high-day closes at 82.84-83.24. The next major resistance objectives eyed at the 38.2% retracement of the 2022 decline at 88.76 and the July low, which converges on the channel resistance near 90.54.

Australian Dollar Price Chart – AUD/USD Weekly

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

Still keeping an eye on this critical support zone in AUD/USD at the 78.6% retracement of the 2022 advance / October reversal-close around 6381/93. Aussie is testing this threshold for a fifth consecutive week and the bears remains vulnerable while above. The levels remain unchanged here with weekly resistance back with the May low-week close at 6607. A break / close below this key level threatens another accelerated decline towards the next key support hurdle at 6200/10- a region defined by the 100% extension of the yearly decline, the 2022 low-week close, and the 2008 low close.

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

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