EUR/USD, AUD/USD, USD/CAD, Gold, Equities Weekly Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical trade setups we are tracking into the start of the week on the USD Majors, commodities, bitcoin, and equity indices.
• Next Weekly Strategy Webinar: Monday, June 1 at 8:30am ET
• 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 Bitcoin (BTC/USD), and S&P 500 (SPX500), Nasdaq (NDX), and Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly open. The assets are chaptered on the recording for your convenience.

Australian Dollar Price Chart – AUD/USD 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; AUD/USD on TradingView

Notes: Aussie rebounded off support last week at the lower parallel with the recovery breaking through the median line early in the week. Initial resistance is eyed at last week’s high near 7185 and is backed closely by 7201/14- a region defined by the monthly open, the 61.8% retracement of the 2021 decline and the 100% extension of the 2025 advance. Note that the upper parallel converges on this zone into the close of the week and a breach / close above would be needed to suggest a more significant low is in place and a larger reversal is underway.

Key support rests with the 38.2% retracement of the March rally at 7108- a break / daily close below this level would threaten resumption of the monthly downtrend. Subsequent support rests at 7056 and the 61.8% retracement at 7003.

Bottom line: AUD/USD is trading just below downtrend resistance, and the threat rises for inflection into the close of the month. From a trading standpoint, rallies would need to be limited to 7214 IF price is heading lower on this stretch with a close below 7108 needed to fuel the next leg of the decline.

Keep in mind we get the release of key inflation data over the next few days with Australia CPI on tap tonight and U.S. Personal Consumption Expenditures slated for Thursday. Stay nimble into the releases and watch the weekly / monthly close for guidance. Review my latest Australia Dollar Forecast for a closer look at the longer-term AUD/USD technical trade levels.

Canadian Dollar Price Chart – USD/CAD 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView

Notes: USD/CAD has rallied nearly 2% off the monthly lows with the advance now trapped at pivotal resistance at the 61.8% retracement of the late-march decline and the 200-day moving average at 1.3808/14. The immediate focus is on a reaction off this mark.

Key support rests at 1.3725/34- a region define by the September & August lows, the 2026 yearly open, the February high, and the 38.2% retracement of the November decline. Note that channel support converges on this threshold and losses below this slope would be needed to suggest a more significant high is in place and a larger breakdown is underway.

A breach above last week’s high / the median line would threaten resumption of the monthly uptrend with subsequent resistance objectives eyed at the 78.6% retracement at 1.3878 and 1.3916/42- a region defined by the 2026 high-day close (HDC), the September HDC, and the October low-day close (LDC). Look for a larger reaction there IF reached.

Bottom line: USD/CAD is straddling a major technical hurdle here with the monthly uptrend vulnerable while below. From a trading standpoint, losses should be limited to 1.3725 IF price is heading higher on this stretch with a breach above the median line needed to fuel the next major leg of the advance.

Gold Price Chart – XAU/USD 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView

Notes: Gold continues to trade into major support at 4492-4533- a region defined by the 2026 low-week close (LWC), the 2025 high-day close (HDC),  and the May opening-range low. The focus is on a reaction off this zone with a break / daily close below needed to mark resumption of the April downtrend.

Initial resistance is eyed at the 38.2% retracement at 4575 backed closely by near-term bearish invalidation at the monthly open and the 61.8% retracement at 4622/51. A breach / daily close above this level would be needed to suggest a more significant low is in place and a larger reversal is underway.

A break / daily close below this key pivot zone would threaten resumption of the April downtrend towards 200-day moving average, the 61.8% retracement of the March advance, and the yearly low-day close (LDC) at 4378-4407. Note that the median line converges on this zone over the next few days- look for a larger reaction there IF reached.

Bottom line: Gold is testing pivotal support for a second week at the monthly range lows- looking for a reaction off this zone. From a trading standpoint, rallies would need to be limited to 4651 IF price is heading lower on this stretch with a close below 4492 needed to fuel the next leg of the decline.

Economic Calendar – Key Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Senior Technical Strategist

Follow Michael on X @MBForex