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DXY, EUR/USD, GBP/USD, AUD/USD, USD/CAD, Gold Weekly Technical Outlook

By :   Michael Boutros , Sr. Technical Strategist
May 11, 2026 5:16 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical trade setups we are tracking into the start of the week on the USD Majors, commodities, bitcoin, and equity indices.
  • Next Weekly Strategy Webinar: Monday, May 18 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), Crude Oil (WTI), and Bitcoin (BTC/USD), and S&P 500 (SPX500), Nasdaq (NDX), and Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly open. The assets are chaptered on the recording for your convenience.

British Pound Price Chart– GBP/USD 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; GBP/USD on TradingView

Notes: Sterling is attempting to breakout of a near-term consolidation pattern with the rally now testing the monthly range high. Topside resistance objectives are eyed at the yearly high-week close (HWC) at 1.3685 and the 2025 high-day close (HDC) / 2022 high at 1.3745/49. Note that the median-line converges on this zone later this week – look for a larger reaction there IF reached.

Initial support rests at 1.3593/1.3605- a region defined by the May & August highs, the 61.8% retracement of the year-to-date range, and the objective monthly open. A break below Thursday’s low at 1.3547 would invalidate the late-March uptrend with a break below the yearly open / February low-day close at 1.3465/74 needed to suggest a more significant high is in place and a larger reversal is underway.

Bottom line: GBP/USD is trying to break out of a contractionary range at multi-month highs. From a trading standpoint, losses should be limited to 1.3547 IF price is heading higher on this stretch with a breach of the monthly highs needed to fuel a push towards subsequent objectives. Keep in mind we get the releases of key U.S. inflation reports over the next few days with UK preliminary Q1 GDP on tap Thursday.

 

Australian Dollar Price Chart – AUD/USD 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; AUD/USD on TradingView

Notes: The Australian Dollar broke above pivotal resistance last week at 7208/14- a region defined by 61.8% retracement of the 2021 decline and the 100% extension of the 2025 advance. The breakout keeps the uptrend in play with the bulls now eyeing confluent resistance just higher.

The next major resistance hurdle is eyed just eyed at the 2019 swing high and the 61.8% extension of the November advance at 7295-7308. Note that the upper parallel converges on this zone over the next few days and a breach / close above this slope would be needed to fuel the next major leg of the Aussie rally. The next major technical consideration is eyed at the 2022 high-week close at 7426.

Support rests at former resistance and is backed closely by the monthly open and the 61.8% retracement of last week’s rally at 7190-7200. Losses below the March upslope (red) would be needed to suggest a more significant near-term high is in place and a larger pullback is underway. Subsequent support rest with the August 2022 high at 7137 and the 38.2% retracement of the March rally at 7108. Look for a larger reaction there IF reached.

Bottom line: AUD/USD has rallied more than 6% off the March low with the bulls now approaching confluent uptrend resistance. From a trading standpoint, look to reduce portions of long-exposure / raise protective stops on a rally towards 7300- losses would need to be limited to 7190 IF Aussie is heading higher on this stretch with a close above 7308 needed to fuel the next major leg of the advance.

           

 

Gold Price Chart – XAU/USD Daily

Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView

Notes: Gold rebounded off key support last week at 4492-4540 - a region defined by the 2026 low-week close (LWC), the 2025 high-day close (HDC), the May opening-range low, and the 61.8% retracement of the October advance. The recovery is now testing the 61.8% retracement of the April decline at 4742- looking for a reaction off this level in the days ahead.

A topside breach / close above this pivot zone exposes key resistance at 4856/4910. This level capped the advance last month and strength beyond this threshold would be needed to fuel the next major leg of the Mach advance towards. Subsequent resistance objectives eyed at the 61.8% retracement of the January decline at 5025 and the 78.6% retracement of the March decline at 5133.

Monthly open support rests at 4622 with a break of the lows threatening resumption of the mid-April downtrend. Subsequent support rests with the yearly low-day close (LDC) at 4407 and the yearly open / 200-day moving average at 4317/19.

Bottom line: Gold rebounded off pivotal support last week with the rally now facing the first major test of resistance. From a trading standpoint, losses should be limited to 4622 IF price is heading higher on this stretch with a close above 4742 needed to fuel the next leg of the rally.

           

Economic Calendar – Key Data Releases

         

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Senior Technical Strategist

Follow Michael on X @MBForex

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