DXY, EUR/USD, USD/CAD, USD/JPY, Gold, Oil Weekly Technical Outlook
Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities & stocks into the weekly open / monthly close.
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Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- USD technical trade setups we are tracking this week into the October open
- Next Weekly Strategy Webinar: Monday, October 6 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), Crude Oil (WTI), and Equity Indices. These are the levels that matter on the technical charts into the weekly open / monthly close.
US Dollar Index Price Chart – USD 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView
Notes: The U.S. Dollar Index is trading just above near-term support into the weekly open at 97.71/83- a region defined by the 2018 swing high, the 38.2% retracement of the August decline, and the September open. Looking for a reaction off this mark early in the week. Key support / bullish invalidation rests with the yearly low-day close (LDC) / 61.8% retracement at 97.01/13.
Weekly open resistance is eyed at 98.17 with a breach / daily close above 98.68/80 needed to suggest a more significant low was registered this month / a larger trend reversal is underway. Keep in mind we are heading into the close of the month / quarter with U.S. Non-Farm Payrolls on tap Friday. Stay nimble into October open and watch the weekly close here for guidance. Review my latest US Dollar Technical Forecast for a closer look at the longer-term DXY trade levels.
Canadian Dollar Price Chart – USD/CAD 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView
Notes: USD/CAD is pulling back early in the week with price now approaching a key pivot zone at 1.3881/99- a region defined by the 2022 high close and the 2023 swing high. Looking for possible inflection off this threshold in the days ahead with the near-term outlook constructive while above. Resistance is eyed at the 2022 high at 1.3977 and is backed closely by the 200-day moving average at 1.3996 and the May high / 38.2% retracement of the yearly range at 1.4017/19.
A break below this pivot zone would threaten a larger setback here towards the 61.8% retracement / September 11 reversal close at 1.3815/32 with broader bullish invalidation at the monthly low-day close at 1.3774.
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Economic Calendar - latest economic developments and upcoming event risk.
--- Written by Michael Boutros, Sr Technical Strategist
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