All trading involves risk. Ensure you understand those risks before trading.
All trading involves risk. Ensure you understand those risks before trading.

EUR/USD, USD/CAD, USD/JPY, Gold, Bitcoin Weekly Technical Outlook

By :   Michael Boutros , Sr. Technical Strategist

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

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