Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we’re tracking into the weekly open, post-Fed
- Next Weekly Strategy Webinar: Monday, November 20 at 8:30am EST
- Review the latest Weekly Strategy Webinars 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), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Australian Dollar (AUD/USD), Gold (XAU/USD), Silver (XAG/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), Dow Jones (DJI) and Bitcoin (BTC/USD). These are the levels that matter on the technical charts heading into the weekly open.
Oil Price Chart – Crude Daily (WTI)
Chart Prepared by Michael Boutros, Sr. Technical Strategist; WTI on TradingView
Oil prices dropped into critical support last week at 75.35-77.15- A region defined by the 2022 yearly open, the 61.8% Fibonacci retracement of the yearly range, the 2018 swing high, and the 100% extension of the September sell-off. Note that a basic trendline off the yearly-low also converges on this threshold and further highlights its technical significance. A break below this key threshold would threaten a much steeper sell-off with initial support objectives eyed in to 70.35. Initial resistance being tested today at the 52-week & 200-day moving averages 78.15/20 with a breach / weekly close above 82.58-83.24 ultimately needed to mark uptrend resumption. Watch the weekly close here.
S&P 500 Price Chart – SPX500 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; SPX500 on TradingView
In my last Weekly Strategy Outlook, we highlighted a, “major confluent zone just higher at 4416/17- a region defined by the June 16th high-close, the July low-day close, and the 61.8% retracement of the July decline. Looking for a larger reaction there IF reached with a breach / close above needed to suggest am ore significant low was registered last month. Initial support now 4308 with near-term bullish invalidation now raised to the 200-day moving average at 4260.”
The S&P 500 opens the week just below this critical resistance and the focus is on possible exhaustion / price inflection off this zone. A topside breach / close above exposes a possible run on the upper parallel / 78.6% retracement at 4502. Near-term bullish invalidation unchanged at the 200D (now ~4266).
Economic Calendar – Key USD Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on Twitter @MBForex