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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.
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USD Majors, Gold, Oil, Bitcoin, S&P 500 Weekly Technical Outlook

Article By: ,  Sr. Technical Strategist
December 9, 2024 6:26 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we are tracking into the weekly open- US CPI, RBA, ECB, BoC and SNB on tap
  • Next Weekly Strategy Webinar: Monday, December 16 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), Silver (XAG/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 into the weekly open.

Japanese Yen Price Chart – USD/JPY Daily

 

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

The USD/JPY sell-off responded to key confluent support last week with the monthly opening-range taking shape just above 148.73-149.60- a region defined by the 2022 high-close and the 2023 high-week close (HWC).

Initial resistance is eyed at with the 2022/2023 high / 200-day moving average 151.94/99 and is backed by the 61.8% retracement of the yearly range / May Low=day close (LDC) at 153.02/40- both levels of interest for possible topside exhaustion IF reached. Ultimately, a breach / close above the November high-day close at 154.34 is needed to mark uptrend resumption.  

A break below this key support one would invalidate the September uptrend / threaten a larger breakdown towards 146.14/65- a region defined by the 61.8% retracement of the September rally, the February LDC and the August low-week close (LWC). Look for a larger reaction there IF reached.

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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