USD Majors, Gold, Oil, Bitcoin, Stocks Weekly Technical Outlook
Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- USD technical trade setups we are tracking this week
- Next Weekly Strategy Webinar: Monday, October 20 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.
US Dollar Index Price Chart – USD 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView
Notes: The U.S. Dollar breakout exhausted into uptrend resistance last week at the upper parallel before pulling back. The weekly opening range is now taking shape just above the median-line and we’ll be looking for a breakout in the days ahead for guidance here. Weekly-open support rests at 98.94 and is backed by 98.68/71- a region defined by the May low, the August high-day close (HDC), and the 61.8% retracement of the August decline. Bullish invalidation now raised to the 38.2 retracement at 98.28 and losses should be limited to this threshold IF the index is heading higher on this stretch.
A topside breach / daily close above the monthly high-day close (HDC) / 78.6% retracement at 99.40 is needed to fuel the next leg of the advance. Subsequent resistance objectives eyed at the 100% extension at 99.85 and the 2024 low / low close at 100.15/35. Review my latest U.S Dollar Technical Forecast for a closer look at the longer-term DXY technical trade levels.
Gold Price Chart – XAU/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Notes: Gold is testing confluent technical resistance early in the week at 4,100/113- looking for a reaction off this mark in the days ahead with the immediate long-bias vulnerable while below. Support rests at 3,976/4,000 with near-term bullish invalidation now raised to the 200% extension of the May advance at 3908. A topside breach here exposes the next major technical consideration at the 2.618% extension of the broader 2020 advance at 4308.
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--- Written by Michael Boutros, Sr Technical Strategist
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