DXY, EUR/USD, GBP/USD, USD/CAD, Gold, Oil Weekly Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open / monthly close
• Next Weekly Strategy Webinar: Monday, April 28 at 8:30am EST
• 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 the Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly open.

Canadian Dollar Price Chart – USD/CAD Weekly

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

USD/CAD has dropped into a pivotal support zone we’ve been tracking for weeks now at 1.4115/76- a region defined by the 2016 high-week close (HWC) and the 38.2% retracement of the late-2023 advance. Looking for possible exhaustion / price inflection here this week with a break / close below the median-line needed to fuel a larger correction within the broader uptrend. Weekly resistance now stands with the objective yearly open at 1.4383- a breach / close above this threshold would suggest a more significant low is in place / threaten uptrend resumption. Review my latest Canadian Dollar short-term outlook for a closer look at the near-term USD/CAD technical trade levels.

Australian Dollar Price Chart – AUD/USD Weekly

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

The Australian Dollar is testing pivotal resistance into the open of the week at 6335/62- a region defined by the 2023 low-week close (LWC) and the August / April swing lows. Note that the median-line converges on the 38.2% retracement just higher at 6414 and a breach / weekly close above would be needed to suggest a more significant trend reversal is underway. Initial weekly support now rests with the objective LWC at 6272- losses should be limited to this slope IF Aussie is heading higher on this stretch. Review my latest Australian Dollar Short-term Outlook for a closer look at the near-term AUD/USD technical trade levels.

Economic Calendar – Key USD Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex