CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

EUR/USD, GBP/USD, USD/JPY, Gold, Oil, Bitcoin, Weekly Technical Outlook

Article By: ,  Sr. Technical Strategist

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly open- US CPI on tap
  • Next Weekly Strategy Webinar: Monday, November 11 at 8:30am EST
  • Review the latest Video Updates or Stream Live 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), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), Silver (XAG/USD), S&P 500 (SPX500), Nasdaq (NDX) and the Dow Jones (DJI). These are the levels that matter on the technical charts into the week open.

Bitcoin Price Chart – BTC/USD Weekly

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

A breakout is underway in Bitcoin with BTC/USD surging more than 21% off the November open. The rally broke a major resistance zone we’ve been tracking for months now at 69,000-71,285- a region defined by the 2021 Swing high and the March / record close high. The advance has already taken out initial objectives at the 100% extension of the 2019 advance at 81,310 with the next resistance hurdle eyed just higher at the 61.8% extension of the 2022 rally near 85,616- look for a larger reaction there IF reached.

Bottom line:  The breakout remains viable while above the 69,000 with a breach / close above this hurdle needed to fuel the next major leg of the advance. Subsequent resistance objectives eyed at the 1.272% extension at 99,174 and the 100% extension at 107,892.

British Pound Price Chart – GBP/USD Daily


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

Sterling continues to trade into a key support zone with the November opening-range defined by the June 6th election-candle. We’re looking for a breakout of this range for guidance in the days ahead. Initial resistance now at 1.30 backed by the range highs at the July high / September low-day close (LDC) at 1.3045.

A break below the March high-day close (HDC) at 1.2857 exposes the 200-day moving average near ~1.2817 and the next major technical confluence at 1.2731/73- a region defined by the 2024 yearly open, the 61.8% retracement of the April advance, and the February 2019 swing low. Review my latest British Pound Weekly Outlook for a longer-term look at the GBP/USD technical trade levels.

Economic Calendar – Key USD Data Releases

 

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex

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