Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities & stocks into the weekly / monthly open.
By :Michael Boutros, Sr. Technical Strategist
Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- USD technical trade setups we are tracking this week amid major event risk
- Next Weekly Strategy Webinar: Monday, November 10 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), Silver (XAG/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly / monthly open.
Euro Price Chart – EUR/USD 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; EUR/USD on TradingView
Notes: Euro is trading at a key support zone into the start of the month at 1.1505/14- a region defined by the 100% extension of the September decline and the April high-day close (HDC). Note that the median-line converges on this threshold over the next few days and the immediate focus is on possible inflection off this zone.
Initial resistance is eyed at 1.1542 with near-term bearish invalidation now lowered to the Fed reversal close at 1.1601. A break below / close below this key pivot zone would threaten resumption of the September downtrend with subsequent support seen at the 88.6% retracement of the August advance at 1.1452 and the May HDC / August low at 1.1386/92- look for a larger reaction there IF reached.
Bottom line: Euro is testing downtrend support into the start of the week- a good zone to reduce short-exposure / lower protective stops. Rallies should be limited to the upper parallel IF price is heading lower on this stretch with a close below 1.15 needed to fuel the next leg of this decline. Keep in mind we get an update on the U.S. labor markets on Wednesday with the ADP employment report on tap. Stay nimble into the release and watch the weekly close here for guidance. Review my latest Euro Weekly Forecast for a closer look at the longer-term EUR/USD technical trade levels.
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Canadian Dollar Price Chart – USD/CAD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView
Notes: USD/CAD rallied more than 1.3% off the October lows with the post-Fed breakout approaching the October high at 1.4080 into the start of the week. The immediate focus is on today’s close with respect to the October HDC at 1.4045 for guidance. Support rests at the median-line which converges on the 2022 swing high / 50% retracement at 1.3678/82 with broader bullish invalidation at the 200-day moving average at 1.3947.
Bottom line: A V-shaped recovery off the October lows is now approaching multi-month highs. From a trading standpoint, losses would need to be limited to the median-line IF price is heading higher on this stretch with a close above 1.4080 needed to fuel the next leg of the advance. Subsequent resistance is eyed at the 100% extension of the June rally near 1.4111- look for a larger reaction there IF reached. Keep in mind we get the releases of the Canadian employment report on Friday with consensus estimates calling for a contraction of 20K jobs in October. Review my latest Canadian Dollar Weekly Forecast for a closer look at the longer-term USD/CAD technical trade levels.
Economic Calendar – Key Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
— Written by Michael Boutros, Sr Technical Strategist
Follow Michael on X @MBForex
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