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USD Majors, Gold, Oil, SPX, Nasdaq & Dow- Weekly Technical Outlook

USD Majors, Gold, Oil, SPX, Nasdaq & Dow- Weekly Technical Outlook

Michael Boutros, Strategist

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, Oil, Equity Indices and more!
  • Next Weekly Webinar: Monday November 14th

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), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX) and the Dow Jones Industrial Average (DJI). These are the levels that matter this heading into the weekly open.

{{WEBINAR|855292659|Live Weekly Strategy Webinars on Mondays at 13:30GMT}}

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

Euro Price Chart – EUR/USD 240min

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

Euro is testing near-term resistance here early in the week at parity- looking for possible inflection off this threshold in the days ahead. Weekly open support at 9904 backed by 9748/82- any losses should be limited to this threshold IF price is indeed heading higher (short-term bullish invalidation). A topside breach from here keeps the focus on 1.0095-1.0121 and the upper parallel / September high around the 1.02-handle. Keep in mind we have key US inflation data on tap Thursday – keep a close eye here.

Gold Price Chart - XAU/USD Daily

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

Gold prices rallied into confluent resistance last week at 1682/86- a region defined by the 38.2% retracement of the 2015 advance, the July lows, the 61.8% retracement of the October sell-off and multi-month slope resistance. Looking for possible inflection here with a breach / close above needed to suggest a larger recovery is underway towards 1729/34. Initial support now rests with the yearly low-day close at 1659 with a break / close below the objective monthly open at 1633 needed to mark resumption of the broader downtrend.

Crude Oil Price Chart – WTI Daily

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Chart Prepared by Michael Boutros, Technical Strategist; Crude Oil (WTI) on Tradingview

Oil prices rallied more than 13.5% off the late-October lows with the advance now testing slope resistance. The 38.2% retracement of the June decline rests just higher at 94.35- a breach / daily close above this threshold is needed to clear the way for a larger advance with key resistance eyed at the May low / 100% extension of the September rally at 98.18-99.44. Initial support rests with the July low at 90.54 with medium-term bullish invalidation raised to the 2013 low / November monthly open at 85.61-86.20.

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.

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