GBP/USD, USD/CAD, Bitcoin, Gold, Oil, SPX500 Weekly Technical Outlook
Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities & stocks into the weekly open.
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Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical trade setups we are tracking into the weekly open
- Next Weekly Strategy Webinar: Monday, July 21 at 8:30am EST
- Review the latest Video Updates or Stream Live to 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.
British Pound Price Chart – GBP/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; GBP/USD on TradingView
Sterling broke below confluent support last week at the 61.8% retracement at of the June rally at 1.3530. The decline is now within striking distance of yearly trend support at 1.3388-1.3415- a region define by the 61.8% retracement of the May rally, the June close lows, and the 2024 high-day close. A good zone to reduce portions of short-exposure / lower protective stops IF reached. A break / close below would be needed to suggest a more significant high was registered this month / a larger reversal is underway.
Initial resistance now back at 1.3530 with a close above the 25% parallel needed to threaten resumption of the broader uptrend. Keep in mind we get the release of US / UK inflation data this week- stay nimble into the releases and watch the weekly close for guidance here. Review my latest Sterling Shor-term Outlook for a closer look at the near-term GBP/USD technical trade levels.
Bitcoin Price Chart – BTC/USD Weekly
Chart Prepared by Michael Boutros, Sr. Technical Strategist; Bitcoin on TradingView
Bitcoin broke through a major technical hurdle we’ve been tracking for months at the January highs / 75% parallel of the ascending pitchfork extending off the 2021 & 2022 lows. The rally has already extended 25% off the June low with price testing confluent resistance into the start of the week at 121,022-123,7541- a region defined by the 1.618% extension of the broader 2019 advance and the 127.2% extension of the 2022 rally.
Risk for topside exhaustion / price inflection off this mark in the days ahead. Support now back at 109,356-111,719 with a breach / close above this pivot zone needed to fuel a test of the upper parallel, currently near ~127,000. Subsequent topside objectives eyed at the 100% extension of the April rally 135,806 and the 1.618% extension at 143,931.
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Economic Calendar - latest economic developments and upcoming event risk.
--- Written by Michael Boutros, Sr Technical Strategist
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