Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- USD technical trade setups we are tracking this week amid major event risk
- Next Weekly Strategy Webinar: Monday, November 3 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 Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly open / close of the month.
Euro Price Chart – EUR/USD 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; EUR/USD on TradingView
Notes: Euro is trading just below downtrend resistance ahead of the FOMC / ECB and the focus is on this recovery into the start of the week. Initial resistance is eyed at the 10/17 reversal close at 1.1653 and is backed by confluent Fibonacci resistance at the upper parallel at 1.1670/86- rallies would need to be limited to this zone IF price is heading lower on this stretch. Support remains unchanged at 1.1582 with a break below last week’s low needed to mark resumption of the September downtrend. Subsequent support rests with the monthly low at 1.1542 and 1.1505/14- look for a larger reaction there IF reached.
A breach / close above this downslope is needed to suggest a more significant low is in place with such a scenario exposing subsequent resistance objectives at the October open at 1.1733 and the 61.8% retracement of the September decline at 1.1775. Review my latest Euro Weekly Forecast for a closer look at the longer-term EUR/USD technical trade levels.
Canadian Dollar Price Chart – USD/CAD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView
Notes: USD/CAD is trading just above support early in the week with the Bank of Canada on tap Wednesday. Initial support rests with the 2022 high at 1.3978 with the 200-day moving average converging on pitchfork support just lower at 1.3957- losses would need to be limited to this slope IF price is heading higher on this stretch. Initial resistance is eyed with the 38.2% retracement of the yearly range at 1.4019 with a close above the monthly high-day close (HDC) at 1.4045 needed to mark resumption of the July uptrend. Subsequent resistance objective eyed at 1.41 and the 50% retracement / November high at 1.4166/78. A break below this formation would threaten a decline back towards the October open at 1.3920 with critical support seen at the 2022 high close / 2023 high at 1.3881/99.
Gold Price Chart – XAU/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Notes: Gold prices are retreating from record highs with a decline of more than 9.3% now testing a major pivot zone at the 38.2% retracement of the August advance at 3973- looking for a reaction off this mark with a break / close below needed to suggest a more significant high is in place / a larger correction is underway. Subsequent support objectives rest with the 50% retracement / October open at 3846/59 with broader bullish invalidation steady at 3700/20.
Initial resistance remains with the 10/21 reversal close at 4125 with a breach / close above 4251 needed to mark resumption of the broader uptrend. Keep in mind this is a massive week for event risk with the FOMC, BoC, ECB, and the BoJ interest rate decisions on tap as the government shutdown extends into the fourth week. Stay nimble into the releases and watch the weekly close here for guidance. Review my latest Gold Weekly Forecast for a closer look at the longer-term XAU/USD technical trade levels.
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
