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

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we’re tracking into the open of the month / quarter
• Next Weekly Strategy Webinar: Monday, July 10 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), Euro (EUR/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), British Pound (GBP/USD), Gold (XAU/USD), Silver (XAG/USD), S&P 500 (SPX500), Nasdaq (NDX), Dow Jones (DJI), Crude Oil (WTI) and Bitcoin (BTC/USD). These are the levels that matter heading into July.

Japanese Yen Price Chart – USD/JPY Weekly

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

The USD/JPY breakout has been impressive with the three-week rally testing uptrend resistance into the close of the month at the 145-handle. Daily RSI remains in overbought condition here and keeps the momentum in favor of the bulls for now. . . That said, the threat for a pullback remains while below the median-line with support eyed at 142.50 and the May high at 140.93- we’ll reserve this threshold as our medium-term bullish­ invalidation level.

A breach higher from here exposes the next major resistance levels at 146.65/94 and the 2022 high-day close at 147.68- both levels of interest for possible exhaustion / price inflection IF reached. I’ll publish an updated Japanese Yen Technical Forecast once we get further clarity on the longer-term USD/JPY trade levels.

Gold Price Chart – XAU/USD Daily

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

Gold rebounded off a key support zone we’ve been tracking for weeks now at 1903/1910- a region defined by the 38.2% retracement of the broader September rally, the 61.8% Fibonacci retracement of the yearly range. Note that both the November up-slope and the median-line of the May downtrend converge on this zone into the start of the month / quarter. This level remains critical into the July open.

Initial resistance now stands back at 1937/43 with bearish invalidation lowered to 1965. A break below this key threshold would threaten another bout of accelerated losses towards initial support objectives at the November 2021 high near 1877 and the 52-week moving average (currently ~1859). Review my latest Gold Price Forecast for a closer look at the longer-term XAU/USD technical trade levels.

--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com

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