FOMC, USD Majors, Gold, Oil, S&P 500 & Dow Weekly Technical Outlook
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
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.
Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account.
FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.
FOREX.com may, from time to time, offer payment processing services with respect to card deposits through StoneX Financial Ltd, Moor House First Floor, 120 London Wall, London, EC2Y 5ET.
GAIN Global Markets Inc. has its principal place of business at 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA., and is a wholly-owned subsidiary of StoneX Group Inc.
© FOREX.COM 2024