Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical trade setups we are tracking into the Fed this week
- Next Weekly Strategy Webinar: Monday, September 22 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.
Canadian Dollar Price Chart – USD/CAD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView
Notes: USD/CAD dropped into confluent support today at the 61.8% retracement of the late-August rally at 1.3790- risk for inflection off this mark heading into the Bank of Canada & Federal Reserve interest rate decision later this week. Broader bullish invalidation rests at 1.3729/50- a region defined by the May opening-range low (ORL) and the 38.2% retracement of the of the 2021 advance. Losses would need to be limited to this pivot zone for the June advance to remain viable with a breach above key resistance at 1.3881/99 needed to mark uptrend resumption. Subsequent resistance eyed at the 2022 high at 1.3978 and the 200-day moving average / 38.2% retracement at 1.4016/18.
Keep in mind we also get release of US retail sales and Canada CPI ahead of the rate decisions- stay nimble into the releases and watch the weekly close for guidance here. Review my latest Canadian Dollar Technical Forecast for a closer look at the longer-term USD/CAD trade levels.
Oil Price Chart – WTI Weekly
Chart Prepared by Michael Boutros, Technical Strategist; WTI on TradingView
Notes: Crude oil is trading just above support for a fifth-consecutive week at 61.45-62.05- a region defined by the 61.8% extension of the June decline and the objective 2025 low-week close (LWC). Looking for inflection off this zone in the weeks ahead. For now, the focus is on a breakout of September opening-range / the September 1st outside weekly reversal candle range for guidance here. Losses below this critical pivot zone exposes the yearly low close at 58.46 and the 100% extension at 56.83.
Key resistance / bearish invalidation remains with the 38.2% retracement / 52-week moving average at 67.62/76 and a breach / weekly close above would be needed to suggest a more significant low is in place / a larger reversal is underway.
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
