Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we are tracking into the weekly open- markets surge on China / US tariff agreement
- Next Weekly Strategy Webinar: Monday, May 19 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.
US Dollar Index Price Chart – USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView
News of a preliminary trade agreement between the U.S. and China fueled a rally of more than 1.1% in the US Dollar with the index surging into confluent downtrend resistance today at 101.77/92- a region defined by the objective September high and the high-day close (HDC). A topside breach / close above this threshold is needed to suggest a more significant low was registered last month / invalidate the February downtrend.
Near-term bullish invalidation now raised to 99.96 with a breach here exposing 102.95/99 and the 200-day moving average into 104.04/30. Keep in mind we have U.S. CPI on tap tomorrow. Review my latest US Dollar Short-term Outlook for a closer look at the near-term DXY technical trade levels.
Bitcoin Price Chart – BTC/USD Weekly
Chart Prepared by Michael Boutros, Sr. Technical Strategist; Bitcoin on TradingView
The Bitcoin breakout has extended into the record high-close at 104,427- risk for exhaustion / price inflection into this zone. Ultimately, a topside breach / close above the 100% extension of the 2022 advance at 107,892 is needed to mark resumption of the broader uptrend towards 121,772-123,754.
Initial support now rests with the 61.8% retracement of the yearly range at 96,016 and is backed by 87,201-89,164- losses should be limited to this zone IF price is heading higher on this stretch. Broader bullish invalidation rests with the yearly low-week close at 83,712.
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
