Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we are tracking into the weekly open- Fed, BoC, ECB on tap
- Next Weekly Strategy Webinar: Monday, February 3 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), Bitcoin (BTC/USD), 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.
Euro Price Chart – EUR/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; EUR/USD on TradingView
A rebound off confluent downtrend support has now broken through resistance at the objective monthly opening-range highs last week and keeps the focus on a late-month high in EUR/USD.
Initial resistance is eyed at the 2023 low-week close / April low at 1.0587-1.0602 – note that the median-line converges on this threshold into the close of the month and a topside breach would be needed to suggest a more significant low was registered this month / a larger trend reversal is underway. Initial support rest back at 1.04 with near-term bullish invalidation now raised to the objective monthly open at 1.0354. Keep in mind the ECB interest rate decision is on tap Thursday.
Gold Price Chart – XAU/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Gold responded to key resistance last week at the record high-close / 2.618% extension at 2787-2804 and highlights the risk for possible inflection / exhaustion off this mark. Initial support rests at 2709/18- a region defined the 38.2% retracement of the December rally, the 10/23 outside reversal close and the December close high.
Medium-term bullish invalidation now raised to median-line which converges on the 61.8% retracement at 2661- look for a larger reaction there IF reached. A topside breach / close above 2804 is needed to mark uptrend resumption with initial resistance objectives eyed at 2900.
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
