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Euro and Gold May Rally, US Dollar Fall: Charts for Next Week

Euro and Gold May Rally, US Dollar Fall: Charts for Next Week

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In today’s video we looked at number of Dollar charts, including the DXY itself, and the conclusion is that risk is skewed for more weakness next week. It is bouncing off around the 200-day, but has the February 2018 trend-line to contend with. On further weakness there is room down to the trend-line from September 2018.

US Dollar Index (DXY) (Further weakness looks in store next week)

US Dollar Index (DXY) (Further weakness looks in store next week)

The Euro could be posting a short-term bull-flag if price can stay buoyed, something it has not been able to do after strong rallies for quite some time. Perhaps a change in character is under way.

EUR/USD Daily Chart (can it hold up and break the sequence?)

EUR/USD Daily Chart (can it hold up and break the sequence?)

EUR/USD 4-hr Chart (possible bull-flag with support)

EUR/USD 4-hr Chart (possible bull-flag with support)

Gold, as seen in the chart below, is sneaking its way higher above the upper parallel of the developing bull-flag. It could be time for gold to start challenging and breaking the 2011/12 resistance levels that have so far kept a lid on this year’s advance.

Gold Price Chart (sneaking out of bull-flag)

Gold Price Chart (sneaking out of bull-flag)

For the full set of technical details and charts, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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