Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we’re tracking into the open of the week
- Next Weekly Strategy Webinar: Monday, July 31 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 US Dollar (DXY), Japanese Yen (USD/JPY), British Pound (GBP/USD), Euro (EUR/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Crude Oil (WTI), Gold (XAU/USD), Silver (XAG/USD), Bitcoin (BTC/USD), META, S&P 500 (SPX500), Nasdaq (NDX) and Dow Jones (DJI). These are the levels that matter in the week ahead.
US Dollar Index Price Chart – DXY Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView
The US Dollar is attempting a fifth consecutive daily advance after rebounding off confluent support last week at 99.66. The focus into the start of the week is on upcoming resistance objectives at the April low-day close (101.58) and the 38.2% Fibonacci retracement of the yearly range at 102- looking for possible price inflection into one of these two zones. Initial support 100.82 backed by near-term bullish invalidation at the 2023 low-day close near 99.96. Review my latest US Dollar Weekly Forecast for a closer look at the longer-term DXY technical trade levels.
Euro Price Chart – EUR/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; EUR/USD on TradingView
Euro reversed off confluent resistance last week at the 61.8% retracement of the 2021 decline at 1.1275. The pullback is testing support today at former resistance near 1.1075/95- could get some play off this threshold but the threat remains lower sub-1.12 with a break exposing subsequent support objectives at 1.1002 and the monthly open at 1.0911. Review my latest Euro Short-term Technical Outlook for a closer look at the near-term EUR/USD trade levels.
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