Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- USD technical trade setups we are tracking this week
- Next Weekly Strategy Webinar: Monday, November 24 at 8:30am ET
- 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 Dow Jones (DJI), Bitcoin (BTC/USD). These are the levels that matter on the technical charts into the weekly open.
Japanese Yen Price Chart – USD/JPY Weekly
Chart Prepared by Michael Boutros, Senior Technical Strategist; USD/JPY on TradingView
Notes: USD/JPY is attempting to breach confluent resistance today at the 78.6% retracement of the yearly range and the November 2024 high-close at 154.81-155.02. Note that channel resistance rests just higher and the focus is on this slope with a weekly close above needed to fuel the next leg of the April uptrend. A topside breach here would expose subsequent resistance objectives at the 100% extension of the yearly advance at 156.52 and the 2025 high-week close at 157.70.
Monthly open support rests at 154 with a break below the November range lows needed to suggest a larger pullback is underway. Key lateral support is seen at the 2022/2023 highs at 151.91/95.
Bottom line: USD/JPY testing uptrend resistance for a second consecutive week- risk for potential inflection off this mark. From a trading standpoint, losses should be limited to 154 IF price is higher on this stretch with a breach above channel resistance needed to fuel the next major leg higher. Watch the weekly close here for guidance.
Bitcoin Price Chart – BTC/USD Daily
Chart Prepared by Michael Boutros, Senior Technical Strategist; BTC/USD on TradingView
Notes: Bitcoin broke the 2025 uptrend into the start of month with BTC/USD now testing a key support pivot at 93,347-94,236- a region defined by the 2025 yearly open, the 100% extension of the October decline, and the 61.8% retracement of the yearly range. Look for possible price inflection off this mark in the days ahead. Initial resistance stands with the June low at 98,240 and is backed by the July low / 38.2% retracement at 105,130-106,470. Broader bearish invalidation is now eyed at the objective monthly open at 109,475 and a breach / daily close would be needed to suggest a more significant low is in place.
A break below this key hurdle would expose the January low at 89,164. Note that the lower parallel converges on this level over the next few days and losses below would threaten another accelerated decline towards the yearly low-week close (LWC) at 83,712 and the 2025 low-day close (LDC) at 79,127.
Bottom line: Bitcoin is testing pivotal support today and the focus is on a reaction off this mark. Rallies should be limited to the median-line IF price is heading lower on this stretch with a close below 93,347 needed to fuel the next leg of the decline. Ultimately, a larger setback here may offer more favorable opportunities closer to trend support.
S&P 500 Price Chart – SPX500 Daily
Chart Prepared by Michael Boutros, Senior Technical Strategist; S&P 500 on TradingView
Notes:. The S&P 500 is trading just above channel support into the start of the week. Note that the 50-day moving average converges on this slope near ~6712 with key lateral support steady at the October open / October low-day close (LDC) at 6669. A break / daily close below this threshold would be needed to suggest a more significant correction is underway. Subsequent support rests at the October low close at 6552 backed the 23.6% retracement of the yearly range at 6426- look for a larger reaction there IF reached.
Monthly open resistance is eyed at 6844 with key resistance steady at 6912/83- a region defined by the 2.618% extension of the April advance and the 1.618% extension of the yearly range. A breach / weekly close above this key pivot zone is needed to mark resumption if the broader uptrend towards the upper parallel (currently near 7070s) and the 1.382% extension of the 2020 advance at 7138.
Bottom line: The S&P 500 November opening-range remains intact just above multi-month channel support, and the focus is on a breakout in the days ahead for guidance. From a trading standpoint, rallies should be limited to the monthly open IF price is heading for a deeper break here with a close below 6669 needed to fuel a larger setback.
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
