Technical Outlook for Euro, Sterling, Yen (Crosses), Gold & More

Technical Outlook explained by professional Forex trading experts the “Technical Outlook” FX trading team.

Technical Outlook

EUR/USD declined into trend-line support yesterday and held, which keeps it pointed higher as long as it and 11810 holds. Levels over 12000 looking poised to be challenged in the not-too-distant future. USD/JPY could be set to turn lower here and possibly put in the ‘right shoulder’ of a ‘head-and-shoulders’ pattern, but needs a little more time before this scenario becomes a reality. AUD/USD and NZD/USD remain weak pairs with the greatest potential to continue moving lower, but if the US dollar goes into full-blown ‘bear-mode’ these could catch a bid as well.
GBP/USD is trading above an important trend-line running down from 2014 and looks headed to challenge the spike-high at 13659 (which aligns with the post-Brexit Monday gap). A breakout beyond that point clears a path higher.
GBP/JPY is looking quite bullish, but still needs to cross 15285 for further upside. On the flip-side, NZD/JPY is in the process of working on a bear-flag, but will need to confirm the pattern first before looking for lower prices. EUR/JPY continues to work within a broad range, currently testing the top-side of it now. It’s been on our radar for a while with defined levels on both the top and bottom-side, and should soon be ready to make a break for it one way or another. As per usual, we’ll take a reactionary stance versus predicting.
Could gold soon be going the way of silver? Silver broke down from a wedge below the July trend-line, and has done-so with quite a bit of momentum. Gold turned back down from resistance in the 1296/1300-area and is currently pressing down on the December 2016 trend-line. This will need to hold to keep a bid in gold, otherwise a break is likely to lead it to the same fate as silver.

Keep an eye on equity indices, things are starting to heat up. For a discussion on global stock markets and commodities, join me on Tuesday at 10 GMT time for the discussion

Technical Outlook Conclusion

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