EURUSD Daily Chart
Technical Outlook
- Clean reversal off key resistance range between 1.3340-1.3410
- We’ve now completed a 38.2% retracement off the advance from the 2013 low
- Near-term scalp bias looks to sell rallies- Only break (daily close basis) above 1.33 invalidates
- Pending RSI trigger to offer conviction with a move below 1.3160
- Primary objective range- 1.31-1.3112
- Secondary objective- 1.3000- 1.3030
GBPUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
- Sterling turns over ahead of key resistance at 1.5765-1.5780 (bearish invalidation)
- Looking to sell rallies into 1.5575/85
- Primary objective range 1.54-1.5408
- Secondary objectives 1.5265-1.5295 and 1.5180
- Watch for RSI break sub-50 to offer further conviction- Trigger break also pending
GOLD Daily Chart
Technical Outlook
- All objectives how now been achieved ($1330- $1340, $1302- $1307 and $1273-$1283)
- Still looking for another possible low but risk now for a topside RIP begins to mount
- Break of near-term support range risks a run on $1245- but downside likely limited
- Bottom line- Looking for possible long entries lower down with RSI conviction
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---Written by Michael Boutros, Currency Strategist with DailyFX
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
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