Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we’re tracking into the weekly open- shortened holiday week
- Next Weekly Strategy Webinar: Monday, November 27 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), Swiss Franc (USD/CHF), Australian Dollar (AUD/USD), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and the Dow Jones (DJI). These are the levels that matter on the technical charts heading into the weekly open.
Japanese Yen Price Chart – USD/JPY 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/JPY on TradingView
We formulated this setup in today’s session (I’ve made a few update) highlighting this break of the November opening-range in USD/JPY. The focus is on possible exhaustion / price inflection into confluent support at 147.68-148 early in the week. Weekly-open resistance eyed at 149.60 with bearish invalidation now set to the 2022 close-high at 150.14. A break / daily close below this key pivot zone would threaten a test of the 38.2% Fibonacci retracement of the July rally at 146.30.
Oil Price Chart – Crude Weekly (WTI)
Chart Prepared by Michael Boutros, Sr. Technical Strategist; WTI on TradingView
Oil prices failed to mark a weekly close below a critical support zone we’ve been tracking for months now at 75.62-77.15- a “region defined by the 2022 yearly open, the 61.8% 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 is eyed at the 52-week / 200-day moving averages at 78.12/19 with near-term bearish invalidation now lowered to the objective yearly open at 80.31. Ultimately a breach / close above 83.02/28 is needed to put the bulls back in control. It’s a big week for oil- watch the close.
S&P 500 Price Chart – SPX500 Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; SPX500 on TradingView
In last week’s Strategy Outlook, we highlighted a major confluent zone at 4416/17- a topside breach on the following day fueled the largest single-day advance since January with the S&P 500 closing the week just below uptrend resistance. The index is attempting to breach the topside today with the yearly high-day close just higher at 4544- look for a reaction there IF reached with a close above needed to keep the immediate advance viable towards the yearly high-close at 4598. Support now 4451 with bullish invalidation raised to the highlighted trendline confluence near ~4385.
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