Near-term Setups in Gold, EURUSD, NZDUSD & AUDUSD
I’m on the lookout for exhaustion / possible short-entries as gold tests the upper parallels here. There’s significant event risk on tap this week so expect volatility- I’ll be looking for a deeper pullback to offer long-entries with a breach above 1203/04 needed to mark resumption of the broader advance off the monthly lows. 1177, 1171 both area of interest for exhaustion / possible long entries. As always be mindful of the fact we are heading into the monthly close tomorrow. Latest Gold Update (1/26)
EURUSD: Today’s low completed a 100% extension from the decline off the monthly highs. If the correction is done, a breach above 1.0730 should mark resumption of the broader up-trend. That said, the pair is at risk while below this level with key support seen at 1.0609 & 1.0579- both areas of interest for possible long-entries. Levels / Outlook Unchanged. Latest EURUSD Update (1/26)
NZDUSD: Kiwi has continued to hold below key confluence resistance at 7300. Based on what the DXY is doing, I still think we could make one more probe higher but generally looking for exhaustion / short-entries up here. Levels / Outlook Unchanged. Keep in mind we have New Zealand employment on tap for tomorrow night. Latest NZDUSD Update (1/25)
AUDUSD: Similar scenario shaping up in Aussie. Key near-term resistance is marked at the high-day close at 7578- If the reversal of structural resistance last week is legit any rallies should be capped below this mark. Key near-term support seen around the 75-handle. Latest AUDUSD Update (1/24)
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---Written by Michael Boutros, Currency Strategist with DailyFX
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