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US Dollar Majors, Gold, SPX, Nasdaq & Dow- Weekly Technical Outlook

US Dollar Majors, Gold, SPX, Nasdaq & Dow- Weekly Technical Outlook

Michael Boutros,
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Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we’re tracking into the weekly open
  • Key levels for the US Dollar Majors, Gold, Equity Indices and more!
  • Next Weekly Webinar: Monday November 21st

In this webinar we take an in-depth look at the technical trade levels for US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Canadian Dollar (USD/CAD), Australian Dollar (AUD/USD), Gold (XAU/USD), Crude Oil (WTI), Japanese Yen (USD/JPY), S&P 500 (SPX500), Nasdaq (NDX), Dow Jones Industrial Average (DJI) and the DAX. These are the levels that matter this heading into the weekly open.

You can always find the latest Weekly Strategy Webinar on my YouTube playlist.

Canadian Dollar Price Chart – USD/CAD Daily


Chart Prepared by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

USD/CAD has pulled into a key pivot zone we’ve been tracking at sometime now at 1.3224/30- a region defined by the 38.2% retracement of the 2021 advance, the 100% extension of the 2021 rally and the July swing high. A break / close below this threshold is needed to fuel the next leg down in price toward the lower parallel (currently ~1.3170s), the July high-day close at 1.3116 and the 1.618% extension of the October decline at 1.3028. Resistance now back the median-line (currently ~1.3430s) with medium-term bearish invalidation now lowered to 1.3112/15.

Gold Price Chart - XAU/USD Daily


Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview

The gold price breakout is now approaching key lateral levels of significance just higher at the 38.2% retracement of the 2022 range / the January low-week close at 1788/91 and a more significant technical confluence zone at 1804/07- a region defined by the 200-day moving average, the 52-week moving average, the August high-week close and the August swing high. Looking for a larger reaction there IF reached. Initial weekly support now rests along the median-line backed by the August 2021 low-day close at the 1729- losses should be limited by this level for the immediate long-bias to remain viable.

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Gold Forecast
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Dow Jones Industrial Average Price Chart – US30 Daily


Chart Prepared by Michael Boutros, Technical Strategist; US30 on Tradingview

The Dow has been leading the pack with the only major equity index to have broken yearly downtrend resistance. The advance has been struggling here at the 61.8% Fibonacci retracement of the yearly range at 33806. The trade remains constructive while above the objective monthly open with a breach / close above exposing the August high at 34281 and the April high-day reversal close at 34792- look for a larger reaction there IF reached. Ultimately, a break / close below the monthly opening-range low at 31727 is needed to shift the broader focus lower again in the Dow.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

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---Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.