US Dollar Majors, Gold, Silver, Oil, S&P 500 Weekly Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open- ECB, US retail sales on tap
• Next Weekly Strategy Webinar: Monday, October 28 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), S&P 500 (SPX500), Nasdaq (NDX) and the Dow Jones (DJI). These are the levels that matter on the technical charts heading into the weekly open.

US Dollar Price Chart – USD Weekly (DXY)

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

The US Dollar is attempting to mark a fourth weekly advance with the index testing confluent resistance into the start of the week at 103.69-104.08- a region defined by the 52-week moving average and the 61.8% Fibonacci retracement of the yearly range. Note that the 75% parallel (blue) also converges on this threshold and a breach / close above will be needed to keep the immediate advance viable.

The next major resistance zone is eyed at the July high-week reversal close at 104.87- look for a larger reaction there IF reached. Initial support rests back at the 103-handle with medium-term bullish invalidation now raised to the March low at 102.35. Review my latest US Dollar Short-term Outlook for a closer look at the near-term DXY technical trade levels.

Canadian Dollar Price Chart – USD/CAD Daily

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

USD/CAD is attempting a major breakout ahead of the Bank of Canada rate decision and the focus is on today’s close with respect to 1.3825/34- a region defined by the 2024 high-day close (HDC) and the 78.6% retracement of the August decline. A confirmed breakout here would expose the next major technical consideration at the 2022 high-close / 2023 swing high at 1.3881/99- look for a larger reaction there IF reached.

Initial support rests at 1.3745 with a break / close below the 1.37-handle needed to suggest a more significant high was registered. Stay nimble into the BoC on Wednesday and watch the weekly close here for guidance. Review my latest Canadian Dollar Weekly Forecast for a closer look at the longer-term USD/CAD 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